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 1,000 Beginning work in process inventory
Started 10,000 Direct materials $ 1,620
Ending work in process inventory 2,000 Conversion 3,936
$ 5,556
Status of ending work in process inventory Direct materials added 66,360
Materials—Percent complete 100 % Direct labor added 73,410
Conversion—Percent complete 25 % Overhead applied (140% of direct labor) 102,774
Total costs to account for $ 248,100
Ending work in process inventory $ 21,840
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.
