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. (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 Ending work in process Direct materials Conversion Units Total costs accounted for 2,000 20,000 17,000 5,000 $ 2,500 6,360 168,000 479,640 Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out Direct materials Conversion Units Direct Materials Percent Complete EUP EUP 100% Conversion Percent Complete ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 $ 8,860 647,640 $ 656,500 35% Direct Materials % Complete Costs EUP Cost per EUP Cost per EUP $ $ 0.00 0.00 EUP Direct Materials Total cost Total cost % Complete Conversion 0 Costs EUP EUP Conversion 0
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. (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 Ending work in process Direct materials Conversion Units Total costs accounted for 2,000 20,000 17,000 5,000 $ 2,500 6,360 168,000 479,640 Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out Direct materials Conversion Units Direct Materials Percent Complete EUP EUP 100% Conversion Percent Complete ELLIOTT COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended March 31 $ 8,860 647,640 $ 656,500 35% Direct Materials % Complete Costs EUP Cost per EUP Cost per EUP $ $ 0.00 0.00 EUP Direct Materials Total cost Total cost % Complete Conversion 0 Costs EUP EUP Conversion 0
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: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. (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
Ending work in process
Direct materials
Conversion
Units
Total costs accounted for
2,000
20,000
17,000
5,000
$ 2,500
6,360
168,000
479,640
Total costs
+ Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Cost Assignment
Completed and transferred out
Direct materials
Conversion
Units
Direct
Materials
Percent
Complete
EUP
EUP
100%
Conversion
Percent
Complete
ELLIOTT COMPANY-First Department
Production Cost Report - Weighted Average Method
For Month Ended March 31
$ 8,860
647,640
$ 656,500
35%
Direct Materials
% Complete
Costs
EUP
Cost per EUP
Cost per EUP
$
$
0.00
0.00
EUP
Direct Materials
Total cost
Total cost
% Complete
Conversion
0
Costs
EUP
EUP
Conversion
0
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