Homework iElliott Company produces large quantities of a standardized product. The following information is available for the first process in itsproduction activities for March.UnitsCostsBeginning work in process inventoryStarted3,00030,000Beginning work in process inventoryDirect materials$ 3,660Ending work in process inventory6,000Conversion10,368Status of ending work in process inventoryDirect materials added$ 14,028194,670184,620258,468Materials-Percent complete100% Direct labor addedConversion-Percent complete20% Overhead applied (140% of direct labor)Total costs to account for$651,786Ending work in process inventory$ 55,356Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimalplaces.)X Answer is not complete.Total Costs to Account for:Costs of beginning work in process$Costs incurred this periodTotal costs to account for:Total costs accounted forDifference due to rounding cost/unitUnit Reconciliation:Units to account for:Total units to account forTotal units accounted for:5 of 5Next >SavedCheck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not inType here to search✓$$14,02814,028 X28,0560сHIC< Prev100% Total units to account forTotal units accounted for:Total units accounted forEquivalent Units of Production (EUP)- Weighted Average MethodUnitsTotal unitsCost per Equivalent Unit of ProductionTotal costs- Equivalent units of productionCost per equivalent unit of production (rounded to 2 decimals)Total Costs Accounted for:Cost of units transferred out:EUPDirect materialsConversionTotal costs transferred outCosts of ending work in processEUPDirect materialsConversionTotal cost of ending work in processTotal costs accounted for% MaterialsCostsEUPCost perEUPCost perEUP$$0.000.00EUP-MaterialsMaterialsTotal costTotal cost0%ConversionCostsEUPEUP.ConversionConversion0

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Description: Homework iElliott Company produces large quantities of a standardized product. The following information is available for the first process in itsproduction activities for March.UnitsCostsBeginning work in process inventoryStarted3,00030,000Beginnin

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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.)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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