Exercise 16-16 Weighted average: Process cost summary @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. Units Beginning work in process inventory Started Ending work in process inventory Costs 2,000 Beginning work in process inventory 20,000 Direct materials 5,000 Conversion Direct materials added Direct labor added 100% Overhead applied (140% of direct labor) 35% Total costs to account for Ending work in process inventory Status of ending work in process inventory Materials-Percent complete Conversion--Percent complete $2,500 6.360 $ 8,860 168,000 199,850 279.790 $ 656.500 $ 84,110 Prepare a process cost summary report for this process using the weighted average method. Check Cost per equinient unit conversion, $25.92