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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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please answer within the format by providing formula the detailed working
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
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.
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 to account for:
Beginning work in process
Units started this period
Total units to account for
Units accounted for:
Completed and transferred out
Ending work in process
Total units accounted for
Units
4,000
40,000
$ 7,360
9,600
36,000
8,000
293,600
558,912
4,000
40,000
44,000
36,000
8,000
44,000
Direct
Materials Conversion
Percent
Percent
Complete Complete
100%
$ 16,960
852,512
$ 869,472
ELLIOTT COMPANY-First Department
Production Cost Report - Weighted Average Method
For Month Ended March 31
20%

Transcribed Image Text:Completed and transferred out
Ending work in process
Total units accounted for
Equivalent Units of Production (EUP)
Completed and transferred out
Ending work in process
Equivalent Units of Production
Cost per Equivalent Unit of Production.
Costs of beginning work in process
Costs added this period
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
Ending work in process
Direct materials
Conversion
Total costs accounted for
36,000
8,000
44,000
Units
36,000
8,000
44,000
EUP
EUP
Direct Materials
% Complete
Costs
EUP
Cost per EUP
Cost per EUP
$
$
0.00
0.00
EUP
Direct Materials.
Total cost
Total cost
0
Conversion
% Complete
Costs
EUP
EUP
Conversion
0
Expert Solution
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