Exercise 03-16 Weighted average: Process cost summary LO C3 Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March $ 4,720 Units eginning work in process inventory Started Inding work in process inventory Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete 15,264 Costs 4,000 Beginning work in process inventory 40,000 Direct materials 3,000 Conversion Direct materials added 1001 Direct labor added 254 Overhead applied (140% of direct labor) Total costs to account for Inding work in process inventory $ 19,984 298,440 255,840 258,176 $932, 440 $ 88,240 Prepare a process cost summary report for this process using the weighted average method (Round "Cost per EUP" to 2 decimal places.) $ 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 costunit Unit Reconciliation: Units to account for: $ 0 Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP). Weighted Average Method Units % Materials EUP-Materials % Conversion EUP-Conversion Total units Cost per Equivalent Unit of Production Materials Conversion Costs EUP Costs EUP 0 0 Cost per EUP Total cost Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost of units transferred out EUP Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Total cost Cost per EUP S 0.00 $ 0.00