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The cost reconciliation report has two sections: “Costs to be accounted for” followed by “Costs accounted for”. The “Costs accounted for” portion of the cost reconciliation report includes the cost of ending work in process inventory and the cost of beginning work in process inventory. T or F

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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

Data Beginning work in process inventory: Units in process 200 Completion with respect to materials 100% Completion with respect to conversion 40% Costs in the beginning work in process inventory: Materials cost $2,000 Conversion cost $800 Units started into production during the period 1,800 Costs added to production during the period: Materials cost $18,400 Conversion cost $38,765 Ending work in process inventory: Units in process 100 Completion with respect to materials 100% Completion with respect to conversion 30% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department ? ? Ending work in process inventory: Materials ? Conversion ? Equivalent units of production ? ? Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory ? ? Costs added during the period ? ? Total cost ? ? Equivalent units of production ? ? Cost per equivalent unit ? ? Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units of production ? ? Cost per equivalent unit ? ? Cost of ending work in process inventory ? ? ? Units completed and transferred out: Units transferred to the next department ? ? Cost per equivalent unit ? ? Cost of units transferred out ? ? ? Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory ? Costs added to production during the period ? Total cost to be accounted for ? Costs accounted for as follows: Cost of ending work in process inventory ? Cost of units transferred out ? Total cost accounted for ?

The PVC Company manufactures a high-quality plastic pipe that goesthrough three processing stages prior to completion.


Information on work in the first department, Cooking, is givenbelow for May:

Production data:
Pounds in process, May 1:materials
100% complete; conversion 90%complete		 74,000
Pounds started into production duringMay 390,000
Pounds completed and transferredto
the next department		 ?
Pounds in process, May 31:
materials 70% complete;conversion 30% complete		 34,000
Cost data:
Work in process inventory, May 1:
Materials cost $ 98,800
Conversioncost $ 44,000
Cost added during May:
Materials cost $ 513,830
Conversioncost $ 242,130




Required:
1. Compute the equivalent units of production.

Materials Conversion
Equivalent units of production

2.

Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places. Omit the "$" sign in yourresponse.)

Materials Conversion
Cost per equivalent unit $ $

3.

Determine the cost of ending work in process inventory and of theunits transferred out to the next department. (Omitthe "$" sign in your response.)

Materials Conversion Total
Cost of ending work in process inventory $ $ $
Cost of units completed and transferred out $ $ $

4.

Prepare a cost reconciliation report for the month. (Omit the "$" sign in your response.)

Cost Reconciliation
Costs to be accounted for:
(Click to select)Cost of unitscompleted and transferred outCost of beginning work in processinventoryCost of ending work in process inventory $
(Click to select)Cost of endingwork in process inventoryCosts added to production during theperiodCost of units completed and transferred out
Total cost to be accounted for $
Costs accounted for as follows:
(Click to select)Cost ofbeginning work in process inventoryCosts added to production duringthe periodCost of ending work in process inventory $
(Click to select)Cost of unitscompleted and transferred outCost of beginning work in processinventoryCosts added to production during the period
Total cost accounted for $



options for Cost accounted/to be accounted for are :

-cost of beginnign WIP Inventory
-costs added to production during the period
-cost of units transferred out

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