Question
Exercise 16-16 Weighted average: Process cost summary LO C3 Elliott Company produces large quantities of a...
Exercise 16-16 Weighted average: Process cost summary LO C3
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 | 3,500 | Beginning work in process inventory | |||||||
| Started | 35,000 | Direct materials | $ | 4,340 | |||||
| Ending work in process inventory | 7,000 | Conversion | 13,608 | ||||||
| $ | 17,948 | ||||||||
| Status of ending work in process inventory | Direct materials added | 237,440 | |||||||
| Materials—Percent complete | 100 | % | Direct labor added | 221,795 | |||||
| Conversion—Percent complete | 35 | % | Overhead applied (140% of direct labor) | 310,513 | |||||
| Total costs to account for | $ | 787,696 | |||||||
| Ending work in process inventory | $ | 83,356 | |||||||
Answers
Total cost to account for: Beginning work in process $17,948 Cost added during March 769,748 Total cost to account for 787,696 Total cost accounted for 787,696 Difference due to rounding cost /unit 0 Unit Reconciliation: Units to account for Beginning work in process 3,500 Units started 35,000 Total units to account for 38,500 Total units accounted for: Units completed and transferred 31,500 Ending work in process 7,000 Total units accounted for 38,500 Equivalent units of production(EUP)-Weighted average method Units %Materials EUP-Material %Conversion EUP-Conversion Units completed and transferred 31,500 100% 31,500 100% 31,500 Ending work in process 7,000 100% 7,000 35% 2,450 Total units 38,500 38,500 33,950 Cost per equivalent units of production Material Conversion Beginning work in process $4,340 $13,608 Cost added during March 237,440 532,308 Total costs Costs $241,780 Costs $545,916 Equivalent units of production EUP 38,500 EUP 33,950 Cost per equivalent unit of production $6.28 $16.08 Total cost accounted for: Cost of units transferred out EUP Cost per EUP Total cost Direct material 31,500 $6.28 $197,820 Conversion 31,500 $16.08 $506,520 Total cost transferred out $704,340 Cost of ending work in process EUP Cost per EUP Total cost Direct material 7,000 $6.28 $43,960 Conversion 2,450 $16.08 $39,396 Total cost of ending work in process $83,356 Total cost accounted for $787,696
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