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. Note: 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 4,000 40,000 36,000 8,000 $ 7,360 9,600 293,600 558,912 Direct Materials Conversion Percent Percent Complete Complete 100% $ 16,960 852,512 $ 869,472 20% ELLIOTT COMPANY-First Department Production Cost Report-Weighted Average Method For Month Ended March 31

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…