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 processin production activities for March Unite Beginning work in process inventory Started Ending work in process inventory 40,000 ,000 Status of ending work is process Lovestory Direct material Materials-Percent complete 1004 Direct later added Conversion-Percent complete 25 Overhead pplied (140s of disab Total costs to accoust for Ending wick in process re 255, HGUE Prepare a process cost summary report for this process using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Tutal Custs to Account for Costs of beginning work in process Casts incurred this period Total costs to account for Total costs accounted for Difference due to rounding costu Unit Raconciation Units to account for Nest Check my work Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP)-Weighted Average Method Units %Materiale Total units Cost per Equivalent Unit of Production 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: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP EUP Materials % Conversion EUP-Conversion Materials EUP Cost per EUP Total cost EUP Cost per EUP Total cost $ 0.00 $ 0.00 Costs EUP Conversion Help Save & Exit Submit Check my work 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 Costs Started 4,000 40,000 Beginning work in process inventory Ending work in process inventory Direct materials 34,720 8,000 Conversion 15,264 $19,904 Status of ending work in process inventory Direct materials added 298,440 Materials-Percent complete 100% Direct labor added 255,040 Conversion-Percent complete 25% Overhead applied (140% of direct labor) 350,174 Total costs to account for 5932,440 Ending work in process inventory 5. 99,240 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) 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: $ $