Answer:
Check below for the Answer and Explanation
Explanation:
Elliot Company process cost summary report
CALCULATION FOR UNITS TO ACCOUNT FOR:
Beginning Work in Process units 2,000
Add: Units Started in Process 20,000
Total Units to account for: 22,000
CALCULATION FOR UNITS TO BE ACCOUNTED FOR:
Units completed and transferred out 17,000
Ending Work in Process 5,000
Total Units to be accounted for: 22,000
Equivalent Units:
UNITS Material Cost Conversion
% Completion Units % Completion Units
Units completed
100% 17,000 100% 17,000
Ending Work in Process
100% 5,000 35% 1,750
Total Equivalent units 22,000 18,750
CALCULATION FOR TOTAL COST TO ACCOUNT FOR:
Material Conversion
Beginning work in Process
2,500 6,360
Cost Added during May
168,000 479,640
Total Cost to account for:
170,500 486,000
÷ Equivalent Units
22,000 18,750
Cost per Equivalent unit
7.75 25.92
CALCULATION FOR TOTAL COST ACCOUNTED FOR:
Units completed and Transferred out (17000 units)
Equivalent unit Cost per EU Total Cost
Material 17,000 7.75 131750
Conversion Cost 17,000 25.92 440640
Total Cost of Units completed and transferred out: 572,390
Ending Work in process (5000 units)
Equivalent unit Cost per EU Total Cost
Material 5,000 7.75 38750
Conversison Cost 1,750 25.92 45360
Total cost of Ending Work in process: 84,110
