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			Costs
Beginning work in process inventory	2,500		Beginning work in process inventory
Started	25,000		Direct materials	$	4,800
Ending work in process inventory	5,000		Conversion		11,400
							$	16,200
Status of ending work in process inventory			Direct materials added					200,350
MaterialsPercent complete	100	%	Direct labor added					155,300
ConversionPercent complete	35	%	Overhead applied (140% of direct labor)					217,420
			Total costs to account for				$	589,270
			Ending work in process inventory				$	65,020

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.)

Total Costs to Account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit Reearelliation Units to account for $ 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 % Conversion % Materials Conversion Total units Cost per Equivalent Unit of Production Materials Conversion Costs Costs Total costs Equivalent units of production EUP EUP + Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total Costs Accounted for: Total cost Cost of units transferred out EUP Cost per EUP Direct materials Conversion Total costs transferred out Total cost Cost per EUP EUP Costs of ending work in process 0.00 Direct materials 0.00 Conversion Total cost of ending work in process Total costs accounted for