Prepare a process cost summary report for this process using the weighted-average method.

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. Units Beginning work in process inventory Started Ending work in process inventory 2,000 20,000 5,000 Costs Beginning work in process inventory Direct materials Conversion $ 2,500 6,360 $ Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete 100 % 35 % Direct materials added Direct labor added Overhead applied (140% of direct labor) 8,860 168,000 199,850 279,790 Total costs to account for $ 656,500 Ending work in process inventory $ 84,110