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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

Managerial Accounting
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 1CMA: During December, Krause Chemical Company had the following selected data concerning the manufacture...
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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
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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