Elliott Company produces large quantities of a standardized

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. Costs Units Beginning work in process inventory 2,000 Beginning work in process inventory 20,000 Direct materials 4,000 Conversion $2,840 8,400 Started Ending work in process inventory Status of ending work in process s 11,240 158,200 143, 500 200,900 $513,840 -8,080 Direct materials added inventory 100% Direct labor added Materials-Percent complete Conversion-Percent complete 40% overhead applied (140% of direct Total costs to account for Ending work in process inventory Prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. Use the weighted-average method. (Round \"Cost per EUP\" to 2 decimal places.)

Solution

Total Costs to account for Cost of beginning work in process inventory      11,240.00 Costs incurred this period(158200+143500+200900) 5,02,600.00 Total Costs to account for 5,13,840.00 Total costs accounted for ( from below table) 5,13,840.00 Unit Reconciliation Units to account for Beginning work in process inventory        2,000.00 Units started      20,000.00 Total units to account for (20000+2000)      22,000.00 Total Units accounted for Units completed and transferred out bal.fig (22000-4000)      18,000.00 Ending work in process inventory        4,000.00 Total units accounted for( from above calculated)      22,000.00 Equivalent units of production (EUP) - Weighted Average Method Units(a) % of Materials(b) EUP - Materials(a*b) % of Conversion( c) EUP - Conversion(a*c) Units Completed and transferred out      18,000.00 100.00%                        18,000.00 100.00%                           18,000.00 Ending work in process inventory        4,000.00 100.00%                           4,000.00 40.00%                              1,600.00 Total units      22,000.00                        22,000.00                           19,600.00 Cost per equivalent unit of production Costs of beginning work in process inventory                           2,840.00                              8,400.00 Cost incurred during the period(143500+200900)                     1,58,200.00                        3,44,400.00 Total Costs Costs                     1,61,040.00 Costs                        3,52,800.00 Equivalent units of production Units                        22,000.00 Units                           19,600.00 Cost per equivalent unit of production/(161040/22000) & (352800/19600)                                   7.32                                    18.00 Total Costs accounted for Cost of units transferred out EUP(a) Cost per EUP(b) Total Cost(a*b) Direct Materials      18,000.00                            7.32                     1,31,760.00 Conversion      18,000.00                          18.00                     3,24,000.00 Total Costs transferred out                4,55,760.00 Cost of ending work in process out EUP(a) Cost per EUP(b) Total Cost(a*b) Direct Materials        4,000.00                            7.32                        29,280.00 Conversion        1,600.00                          18.00                        28,800.00 Total cost of ending work in progress                    58,080.00 Total costs accounted for                5,13,840.00