Chapter 16 Homework Sa Elliott Company produces large quant

Chapter 16 - Homework Sa Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. 70 points Units Beginning work in process inventory Started Ending work in process inventory 7,000 Costs Beginning work in process inventory 3,500 35,000 Direct materials $ 3,815 11,592 eBook Conversion $ 15,407 299,180 259,280 362,992 $936,859 $106,834 Status of ending work in process inventory Direct materials added Hint Materials-Percent complete 100% Direct labor added Conversion-Percent complete 40% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory Print References 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.) Total Costs to Account for: Total costs to account for Total costs accounted for Difference due to rounding cost/unit nit Reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for

Solution

Total costs to account for: Costs of beginning goods in process 15,407 Costs incurred this period 921,452 Total costs to account for: 936,859 total costs accounted for 936,859 Difference due to rounding cost/unit 0 Unit reconciliation units to account for Beginning goods in process inventory-units 3,500 units started this period 35,000 total units to account for 38,500 total units accounted for units completed and transferred out 31,500 Ending goods in process - units 7,000 total units accounted for 38,500 Equivalent units of production(EUP)-weighted average method units % mat EUP-mat % CC EUP-CC units completed and transferred out 31,500 100% 31,500 100% 31,500 Ending goods in process - units 7,000 100% 7000 40% 2800 total units 38,500 38,500 34,300 Cost per Equivalent units of production Materials Conversion Cost of beginning goods in process 3,815 11,592 costs incurred this period 299,180 622272 total costs Costs 302,995 costs 633,864 Equivalent units EUP 38,500 EUP 34,300 Cost per Equivalent units of production 7.87 18.48 Total costs accounted for Cost of units Transferred out EUP cost pu total cost Direct materials 31,500 7.87 247905 Conversion 31,500 18.48 582120 total costs transferred out 830025 Cost of ending work in process EUP cost pu total cost Direct materials 7000 7.87 55090 Conversion 2800 18.48 51744 total cost of ending work in process 106834 Total costs accounted for 936859