Exercise 16-16 Weighted average: Process cost summary units and costs LO C3

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.

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.)

Units Beginning work in process inventory Started Ending work in process inventory Status of ending work in process inventory Materials-Percent complete Conversion Percent complete Costs 2,000 Beginning work in process inventory 20,000 Direct materials 5,000 Conversion Direct materials added 100 Direct labor added 35% overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory 2,500 6,360 8,860 168,000 199,850 279,790 656,500 84,110