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Equivalent units of production (EUP) weighted averagemethod
Units % Materials EUP – Materials % Conversion EUP Conversion
(Beg. goods in process inventory - units / total unitsaccounted for / total units to accounted for / units completed& transferred out / units started this period) - Select 1
(Beg. goods in process inventory - units / total unitsaccounted for / total units to accounted for / units completed& transferred out / units started this period) - Select 1
Total units
Cost per equivalent unit of production Materials Conversion
(Costs transferred out / costs incurred this period / costs ofending work in process / cost of beg. work in process) - Select1
(Costs transferred out / costs incurred this period / costs ofending work in process / cost of beg. work in process) - Select1
Totalcosts Costs Costs
Divide Equivalent units production EUP EUP
Cost per equivalent unit of production Materials Conversion
Totalcosts Costs Costs
DivideEquivalent units of Production EUP EUP
Costper equivalent unit of production
Total costs accounted for:
Cosof units transferred out: EUP Cost per EUP Total cost
Directmaterials
Conversion
Totalcosts transferred out

Costs of endingWIP EUP Cost perEUP Total Cost

Directmaterials _____ $______ ______

Conversion ______ $_______ _______

Total cost of ending WIP

Total costs accounted for

Total costs to account for:
(Cost transferred out/costs incurred this period/cost ofending work in process/ cost of beg. work in process) - Select1
(Cost transferred out/costs incured this period/cost ofending work in process/ cost of beg. work in process) - Selecet1
Total costs accounted for:
Total costs accounted for:
Difference due to rounding costs/unit:
Unit reconciliation:
(Beg. work in pricess inventory - units / ending work inprocess units / units completed & trasnferred out / unitsstarted this period)
(Beg. work in pricess inventory - units / ending work inprocess units / units completed & trasnferred out / unitsstarted this period)
(extra row - ignore)
Total units to acount for:
Total units accounted for:
Units completed & transferred out
Ending Work in process - units
Total units accounted for:

Tamar Co. manufactures a single product in one department. Alldirect materials are added at the beginning of the manufacturingprocess. Conversion costs are added evenly throughout the process.During May, the company completed and transferred 25,200 units ofproduct to finished goods inventory. Its 3,600 units of beginningwork in process consisted of $20,400 of direct materials and$248,940 of conversion costs. It has 2,700 units (100% completewith respect to direct materials and 80% complete with respect toconversion) in process at month-end. During the month, $677,100 ofdirect material costs and $2,350,260 of conversion costs werecharged to production.

1. Prepare the company's process cost summary for May usig theweighted- average method. (Charts before question)

2~

Prepare the journal entry dated May31 to transfer the cost of completed units to finished goodsinventory. (Do not roundintermediate calculations. Round your final answer to the nearestwhole dollar.)

JournalEntry Worksheet

  • Record the transfer of goods tofinished goods inventory.
Date General Journal debit Credit
May 31
thod.

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Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

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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 its production activities for March.

Units Costs
Beginning work in process inventory 1,000 Beginning work in process inventory
Started 10,000 Direct materials $ 2,000
Ending work in process inventory 2,000 Conversion 3,240
$ 5,240
Status of ending work in process inventory Direct materials added 81,820
Materials—Percent complete 100 % Direct labor added 74,110
Conversion—Percent complete 40 % Overhead applied (140% of direct labor) 103,754
Total costs to account for $ 264,924
Ending work in process inventory $ 30,024


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. (Round "Cost per EUP" to 2 decimal places.)

Total Costs to Account for:
Total costs to account for: $0
Total costs accounted for
Difference due to rounding cost/unit $0
Unit Reconciliation:
Units to account for:
Total units to account for
Total units accounted for:
Total units accounted for
Equivalent Units of Production (EUP)- Weighted Average Method
Units % Materials EUP- Materials % Conversion EUP-Conversion
Total units
Cost per Equivalent Unit of Production Materials Conversion
Total costs Costs Costs
÷ Equivalent units of production EUP EUP
Cost per equivalent unit of production (rounded to 2 decimals) 0 0
Total Costs Accounted for:
Cost of units transferred out: EUP Cost per EUP Total cost
Direct materials
Conversion
Total costs transferred out
Costs of ending work in process EUP Cost per EUP Total cost
Direct materials $0.00
Conversion $0.00
Total cost of ending work in process
Total costs accounted for

Fast Co. produces its product through a single processingdepartment. Direct materials are added at the start of production,and conversion costs are added evenly throughout the process. Thecompany uses monthly reporting periods for its weighted-averageprocess costing system. The Work in Process Inventory account has abalance of $98,300 as of October 1, which consists of $21,300 ofdirect materials and $77,000 of conversion costs.


During the month the company incurred the followingcosts:

Directmaterials $ 160,150
Conversion 813,880


During October, the company started 154,000 units and transferred164,000 units to finished goods. At the end of the month, the workin process inventory consisted of 27,000 units that were 80%complete with respect to conversion costs.

Required:
1. Prepare the company’s process cost summary forOctober using the weighted-average method.
2. Prepare the journal entry dated October 31 totransfer the cost of the completed units to finished goodsinventory.

Prepare the company’s process cost summary for October using theweighted-average method. (Round "Cost per EUP" to 2 decimalplaces.)

Total costs to account for:
Costs of beginning work in process
Costs incurred this period
Total costs to accountfor: $0
Total costs accounted for
Difference due to roundingcost/unit $0
Unit reconciliation:
Units to account for:
Beginning work in process inventory - units
Units started this period
Total units to account for
Total units accounted for:
Units completed and transferred out
Ending work inprocess - units
Total units accounted for
Equivalent units of production (EUP)- weighted average method
Units % Materials EUP- Materials % Conversion EUP-Conversion
Units completed and transferred out
Ending work in process - units
Total units
Cost per equivalent unit of production Materials Conversion
Cost of beginning work in process
Costs incurred this period
Total costs Costs Costs
÷ Equivalent units ofproduction EUP EUP
Cost per equivalent unit ofproduction (rounded to 2 decimals) 0 0
Total costs accounted for:
Cost of units transferredout: EUP Cost perEUP Totalcost
Direct materials
Conversion
Total costs transferredout
Costs of ending work inprocess EUP Cost perEUP Totalcost
Direct materials $0.00 $0
Conversion $0.00 0
Total cost of ending work inprocess
Total costs accounted for

Record the transfer of goods to finished goods inventory.

Date General Journal Debit Credit
Oct 31

Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4

Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $98,300 as of October 1, which consists of $21,300 of direct materials and $77,000 of conversion costs.

During the month the company incurred the following costs:

Direct materials $ 160,150
Conversion 813,880


During October, the company started 154,000 units and transferred 164,000 units to finished goods. At the end of the month, the work in process inventory consisted of 27,000 units that were 80% complete with respect to conversion costs.

Required:
1. Prepare the company’s process cost summary for October using the weighted-average method.

Total costs to account for:
Total costs to account for: $0
Total costs accounted for
Difference due to rounding cost/unit $0
Unit reconciliation:
Units to account for:
Total units to account for
Total units accounted for:
Total units accounted for
Equivalent units of production (EUP)- weighted average method
Units % Materials EUP- Materials % Conversion EUP-Conversion
Total units
Cost per equivalent unit of production Materials Conversion
Total costs Costs Costs
÷ Equivalent units of production EUP EUP
Cost per equivalent unit of production (rounded to 2 decimals) 0 0
Total costs accounted for:
Cost of units transferred out: EUP Cost per EUP Total cost
Direct materials
Conversion
Total costs transferred out
Costs of ending work in process EUP Cost per EUP Total cost
Direct materials $0.00 $0
Conversion $0.00 0
Total cost of ending work in process
Total costs accounted for


2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory.

Record the transfer of goods to finished goods inventory.

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