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 the first process in its production activities for March. Units Costs Beginning work in process 4,000 Beginning work in process inventory inventory Started 40,000 Direct materials Ending work in process inventory 8,000 Conversion Status of ending work in process inventory Direct materials added Materials-Percent complete 100% Direct labor added Conversion-Percent complete 20% direct labor) Overhead applied (140% of Total costs to account for Ending work in process inventory $7,360 9,600 $ 16,960 293,600 232,880 326,032 $869, 472 $ 78,912 Prepare a process cost summary report for this process using the weighted average method (Round "Cost per EUP" to 2 decimal places.) $ 16,960 $ 16,960 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: $ $ 0 Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP)-Weighted Average Method EUP % Units EUP- % Materials Materials Conversion Conversion Total units Cost per Equivalent Unit of Production Materials Conversion Costs EUP 0 01 0 Total cost Total costs Costs + Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost of units transferred out: EUP Cost per EUP Direct materials Conversion Total costs transferred out Costs of ending work in process Cost per EUP EUP Direct materials $ 0.00 Conversion $ 0.00 Total cost of ending work in process Total costs accounted for Total cost