undefined

Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Beginning work in process inventory Started Ending work in process inventory Costs 2,000 Beginning work in process inventory 20,000 Direct materials 4,000 Conversion $ 3,860 7,248 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added 20% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 11,108 141,120 136,100 190,540 $478,868 $ 40,568 Prepare a process cost summary report for this process using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) $ 11,108 478,868 489,976 $ 0 Total Costs to Account for: Costs of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit Reconciliation: Units to account for: Beginning work in process inventory Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process Total units accounted for 2,000 20,000 22,000 18,000 4,000 22,000 4,000 Total units accounted for: Units completed and transferred out 18,000 Ending work in process 4,000 Total units accounted for 22.000 Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials Units completed and transferred out 18,000 100% Ending work in process 4,000 100% Total units 22.000 Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period Total costs Costs - Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost of units transferred out: EUP Cost per EUP Direct materials 18,000 $ 6.59 Conversion 18,000 $ 19.62 Total costs transferred out Costs of ending work in process EUP Cost per EUP Direct materials $ 6.59 Conversion $ 19.62 Total cost of ending work in process Total costs accounted for EUP-Materials % Conversion EUP-Conversion 18,000 100% 18.000 20% 800 22,000 18,800 Materials Conversion $ 3,860 $ 7.248 141,120 361,568 $ 144.980 Costs $ 368,816 22,000 EUP 18,800 $ 6.59 $ 19.62 Total cost Total cost