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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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
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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