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Elliott Company produces large quantities of a standardized product. The following information is available for its first product 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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Unit Reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent Units of Production (EUP) Equivalent Units of Production Cost per Equivalent Unit of Production Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Units 1,000 10,000 9,000 2,000 $ 2,000 3,240 81,820 177,864 Units Direct Materials Conversion Percent Percent Complete Complete 100% $ 5,240 259,684 $ 264,924 ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 Costs EUP 40% Direct Materials % Complete EUP Direct Materials Conversion % Complete Costs EUP EUP Conversion

Elliott Company produces large quantities of a standardized product. The following information is available for its first product 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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Unit Reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent Units of Production (EUP) Equivalent Units of Production Cost per Equivalent Unit of Production Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Units 1,000 10,000 9,000 2,000 $ 2,000 3,240 81,820 177,864 Units Direct Materials Conversion Percent Percent Complete Complete 100% $ 5,240 259,684 $ 264,924 ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 Costs EUP 40% Direct Materials % Complete EUP Direct Materials Conversion % Complete Costs EUP EUP Conversion

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 2MCQ: Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b....
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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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Unit Reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent Units of Production (EUP) Equivalent Units of Production Cost per Equivalent Unit of Production Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Units 1,000 10,000 9,000 2,000 $ 2,000 3,240 81,820 177,864 Units Direct Materials Conversion Percent Percent Complete Complete 100% $ 5,240 259,684 $ 264,924 ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 Costs EUP 40% Direct Materials % Complete EUP Direct Materials Conversion % Complete Costs EUP EUP Conversion
Transcribed Image Text: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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Unit Reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent Units of Production (EUP) Equivalent Units of Production Cost per Equivalent Unit of Production Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Units 1,000 10,000 9,000 2,000 $ 2,000 3,240 81,820 177,864 Units Direct Materials Conversion Percent Percent Complete Complete 100% $ 5,240 259,684 $ 264,924 ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 Costs EUP 40% Direct Materials % Complete EUP Direct Materials Conversion % Complete Costs EUP EUP Conversion
Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for EUP EUP Cost per EUP Cost per EUP Total cost Total cost
Transcribed Image Text:Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for EUP EUP Cost per EUP Cost per EUP Total cost Total cost
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