Exercise 3-16 (Algo) Weighted average: Production cost report LO P2

Elliott Company produces large quantities of a standardized product. The following information is available for its first production department for March. Prepare a production cost report for this department using the weighted average method.

Note: Round "Cost per EUP" to 2 decimal places.

	Units	Direct Materials	Conversion
		Percent Complete	Percent Complete
Beginning work in process inventory	4,000
Units started this period	40,000
Completed and transferred out	36,000
Ending work in process inventory	8,000	100%	30%

Beginning work in process inventory
Direct materials	$ 6,320
Conversion	13,728	$ 20,048
Costs added this period
Direct materials	313,120
Conversion	576,096	889,216
Total costs to account for		$ 909,264

ELLIOTT COMPANYFirst Department Production Cost Report Weighted Average Method For Month Ended March 31Unit Reconciliation:Units to account for:Total units to account forUnits accounted for:Total units accounted forEquivalent Units of Production (EUP)Direct MaterialsConversionUnits% CompleteEUP% CompleteEUPEquivalent Units of ProductionCost per Equivalent Unit of ProductionDirect MaterialsConversionTotal costsCostsCosts Equivalent units of productionEUPEUPCost per equivalent unit of production (rounded to 2 decimals)Cost AssignmentCompleted and transferred outEUPCost per EUPTotal costDirect materialsConversionEnding work in processEUPCost per EUPTotal costDirect materialsConversionTotal costs accounted for