### Process Cost Summary Report**Elliott Company** produces large quantities of a standardized product. The following information is available for the first process within its production activities for March.---#### Units and Costs- **Units:** - Beginning work in process inventory: **3,000 units** - Started: **30,000 units** - Ending work in process inventory: **6,000 units**- **Costs:** - Beginning work in process inventory: - Direct materials: **$3,660** - Conversion: **$10,368** - Costs added during the period: - Direct materials added: **$14,028** - Direct labor added: **$194,670** - Overhead applied (140% of direct labor): **$258,468** - Total costs to account for: **$651,786** - Ending work in process inventory: **$55,356**---#### Status of Ending Work in Process Inventory- **Materials—Percent complete:** **100%**- **Conversion—Percent complete:** **28%**---### Prepare a process cost summary report for this process using the weighted-average method.*Note: Round "Cost per EUP" to 2 decimal places.*---#### Cost Summary Table:| | Amount ||----------------------------------------------|----------------|| **Total Costs to Account for:** | || Costs of beginning work in process | $14,028 || Costs incurred this period | $637,758 || **Total costs to account for:** | $651,786 || | || **Total costs accounted for** | $651,786 || **Difference due to rounding cost/unit** | $0 |---#### Unit Reconciliation Table:| | Units ||------------------------------------------------------|-------------------|| **Units to account for:** | || Total units to account for: | 33,000 || | || **Total units accounted for:** | 33,000 |#### Graphs and DiagramsThere are no graphs or diagrams provided in the document.---Ensure to double-check the values with your specific course material requirements, as rounding and additional context might slightly alter the computations. ### Educational Website Content: Cost Accounting and Equivalent Units of Production (EUP)#### SummaryThis page covers the fundamental concepts of Equivalent Units of Production (EUP) using the Weighted Average Method. The structured guide below helps you understand how to account for total units and calculate related costs for produced units and work in process in a manufacturing environment.#### Total Units to Account For- **Total units accounted for:** #### Equivalent Units of Production (EUP) - Weighted Average MethodThe following table represents how the EUP is calculated. EUP is a key concept in cost accounting that translates the work done by a company into comparable units of output. The Weighted Average Method is one of the methods used to calculate the EUP:| Units | % Materials | EUP-Materials | % Conversion | EUP-Conversion ||------------------------------|-------------|---------------|--------------|----------------|#### Total Units Accounted For- **Total units:** #### Cost Per Equivalent Unit of ProductionThis section breaks down the calculated costs per unit for materials and conversion efforts.| Units | Materials | Conversion ||--------------|-----------|------------|- **Total costs:** - **Equivalent units of production** - **Cost per equivalent unit of production (rounded to 2 decimals):** - **Materials:** $0.00 - **Conversion:** $0.00 #### Total Costs Accounted ForHere, the detailed cost distribution for units transferred out and the costs for ending work in process are provided.- **Cost of units transferred out:**| | EUP | Cost per EUP | Total cost ||------------------------|-----|--------------|------------|| Direct materials | | | || Conversion | | | || Total costs transferred out | | | |- **Costs of ending work in process:**| | EUP | Cost per EUP | Total cost ||------------------------|-----|--------------|------------|| Direct materials | | $0.00 | || Conversion | | $0.00 | || Total cost of ending work in process | | | |#### ConclusionThe detailed breakdown provided demonstrates the systematic approach to compute EUP and the associated costs using the Weighted Average Method in cost accounting. This method is essential for assessing the efficiency and cost allocation of production processes.

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Description: ### Process Cost Summary Report**Elliott Company** produces large quantities of a standardized product. The following information is available for the first process within its production activities for March.---#### Units and Costs- **Units:** - Be

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Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory 3,000 30,000 Beginning work in process inventory Direct materials Started $ 3,660 Ending work in process inventory 6,000 Conversion 10,368 Status of ending work in process inventory Direct materials added Materials-Percent complete 100% Direct labor added $ 14,028 194,670 184,620 258,468 $651,786 Conversion-Percent complete 20% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 55,356 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory 3,000 30,000 Beginning work in process inventory Direct materials Started $ 3,660 Ending work in process inventory 6,000 Conversion 10,368 Status of ending work in process inventory Direct materials added Materials-Percent complete 100% Direct labor added $ 14,028 194,670 184,620 258,468 $651,786 Conversion-Percent complete 20% Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 55,356 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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