Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.
Units Costs
Beginning work in process inventory 2,000 Beginning work in process inventory
Started 20,000 Direct materials $ 2,500
Ending work in process inventory 5,000 Conversion 6,360

$ 8,860
Status of ending work in process inventory Direct materials added 168,000
Materials—Percent complete 100 % Direct labor added 199,850
Conversion—Percent complete 35 % Overhead applied (140% of direct labor) 279,790

Total costs to account for $ 656,500
Ending work in process inventory $ 84,110
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.)

Question

17-06-2020
Business

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Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.
Units Costs
Beginning work in process inventory 2,000 Beginning work in process inventory
Started 20,000 Direct materials $ 2,500
Ending work in process inventory 5,000 Conversion 6,360

$ 8,860
Status of ending work in process inventory Direct materials added 168,000
Materials—Percent complete 100 % Direct labor added 199,850
Conversion—Percent complete 35 % Overhead applied (140% of direct labor) 279,790

Total costs to account for $ 656,500
Ending work in process inventory $ 84,110
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.)

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Answer:

Check below for the Answer and Explanation

Explanation:

Elliot Company process cost summary report

CALCULATION FOR UNITS TO ACCOUNT FOR:

Beginning Work in Process units 2,000

Add: Units Started in Process 20,000

Total Units to account for: 22,000

CALCULATION FOR UNITS TO BE ACCOUNTED FOR:

Units completed and transferred out 17,000

Ending Work in Process 5,000

Total Units to be accounted for: 22,000

Equivalent Units:

UNITS Material Cost Conversion

% Completion Units % Completion Units

Units completed

100% 17,000 100% 17,000

Ending Work in Process

100% 5,000 35% 1,750

Total Equivalent units 22,000 18,750

CALCULATION FOR TOTAL COST TO ACCOUNT FOR:

Material Conversion

Beginning work in Process

2,500 6,360

Cost Added during May

168,000 479,640

Total Cost to account for:

170,500 486,000

÷ Equivalent Units

22,000 18,750

Cost per Equivalent unit

7.75 25.92

CALCULATION FOR TOTAL COST ACCOUNTED FOR:

Units completed and Transferred out (17000 units)

Equivalent unit Cost per EU Total Cost

Material 17,000 7.75 131750

Conversion Cost 17,000 25.92 440640

Total Cost of Units completed and transferred out: 572,390

Ending Work in process (5000 units)

Equivalent unit Cost per EU Total Cost

Material 5,000 7.75 38750

Conversison Cost 1,750 25.92 45360

Total cost of Ending Work in process: 84,110