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 $ 7,360 9.600 Units Beginning work in procese inventory Started Ending work in process Inventory Status of ending work in process inventory Materials Percent complete Conversion-Percent complete Costa 4,000 teginning work in procene inventory 40,000 Direct materiale 8,000 Conversion Direct materiale added 2005 Direct labor added 204 overhead applied (140% of direct labor) Total cost to account for Ending work in process inventory $16.960 293.600 232.880 326.032 5869.472 78.912 Prepare a process cost summary report for this process using the weighted average method. (Round "Cost per EUPto 2 decimal places.) $ 0 $ 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 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 Total units accounted for % Materials EUP-Materials % Conversion EUP.Conversion Materials Conversion Costs EUP Costs EUP Equivalent Units of Production (EUP) Weighted Average Method Units Units completed and transferred out Ending work in process Total units Cost per Equivalent Unit of Production Cost of beginning work in process Costs incurred this period 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 merials Conversion Total costs transferred out Costs of ending work in process LUP Direct materials Conversion Total cost of anding work in process Total costs accounted for 0 Cost per EUP Total cost Total cost Cost per EUP $ 0.00 $ 0.00