Exercise 16-16 Weighted average: Process cost summary LO C3 Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March Units Beginning work in process inventory Started Ending work in process inventory 4,000 40,000 Costs Beginning work in process inventory Direct materials Conversion $ 7,920 18,720 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added 25% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 26,640 291,720 273,400 382,760 $974,520 $ 90,000 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.) ostroforonationum vicost per $ 26,640 947,880 974,520 $ 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 cost/unit Unit Reconciliation: Units to account for: Beginning work in process inventory Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process 4,000 40,000 44,000 Beginning work in process inventory 4,000 Units started this period 40,000 Total units to account for 44,000 Total units accounted for: Units completed and transferred out Ending work in process Total units accounted for Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials EVP- Materials % Conversion Units completed and transferred out 52,000 Ending work in process Total units Cost per Equivalent Unit of Production Materials EUP- Conversion Conversion Costs Costs EUP EUP 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 Cost per EUP $ 0.00 $ 0.00 Total cost of ending work in process Total costs accounted for