Chapter 16, Problem 16E

Exercise 16-16 Weighted average: Process cost summary C3

Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.

Units		Costs
Beginning work in process inventory	2,000	Beginning work in process inventory
Started…………………………	20,000	Direct Materials……………….	$2,500
Ending work in process inventory…	5,000	Conversion……………………….	6,360	$ 8,860
		Direct materials added……………		168,000
Status of ending work in process inventory		Direct labor added…………………		199,850
Materials—Percent complete……	100%	Overhead applied (140% of direct labor)		279,790
Convertion—Percent complete……	35%	Total costs to account for………….		$656,500
		Ending work in process inventory…		$ 84,110

Prepare a process cost summary report for this company showing costs charged to production, unit cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. Use the weighted-average method.