Part 2
ELLIOTT COMPANY
Process Cost Summary – Weighted Average Method
For Month Ended March 31
Costs Charged to Production
Costs of beginning goods in process
Unit cost information
Units to account for Units accounted for
Equivalent units of production
Direct
Materials
Direct
Labor
Factory
Overhead
Units completed & transferred out……... 17,000 EUP 17,000
EUP
17,000 EUP
Units of ending goods in process
Cost per EUP
Direct
Materials
Direct
Labor
Factory
Overhead
Cost of beginning goods in process……. $ 2,500 $ 2,650 $ 3,710
EUP EUP EUP
Cost assignment and reconciliation
Costs transferred out
Direct materials (17,000 EUP x $7.75 per EUP)………. $131,750
Part 3
If equivalent units of production for the production department’s ending inventory for
Units transferred to finished goods are, of course, 100% complete with respect to
Title: Problem 20-4A
QA_Ori:
Part 1
FAST CO.
Process Cost Summary – Weighted Average Method
For the month ended October 31
Costs charged to Production
Costs of beginning goods in process
Direct materials…………………………………………………………. $ 59,450
Total costs to account for………………………………………………. $1,091,100
Unit cost information
0
Equivalent units of production
Direct
Materials
Direct Labor Factory
Overhead
Units completed & transferred out……... 150,000 EUP 150,000 EUP 150,000 EUP
Units of ending goods in process
Cost per EUP
Direct
Materials
Direct Labor Factory
Overhead
Cost of beginning goods in process…….. $ 59,450 $172,800 $103,680
Cost assignment and reconciliation
Costs transferred out
Costs of ending goods in process
Part 2
QA_Edit:
Title: Problem 20-5A
QA_Ori:
Part 1
TAMAR CO.
Process Cost Summary – Weighted Average Method
For Month Ended May 31
Costs Charged to Production
Costs of beginning goods in process
Unit cost information
Units to account for Units accounted for
Equivalent units of production
Direct
Materials
Direct
Labor
Factory
Overhead
Equivalent units of production……………. 24,600 EUP 24,120 EUP 24,120 EUP
Cost per EUP
Direct
Materials
Direct
Labor
Factory
Overhead
Cost assignment and reconciliation
Costs transferred out
Costs of ending goods in process
Part 2
0
Transfer of goods to finished inventory.
Part 3
3b. Management might want an overhead allocation rate that assigns the least
amount of overhead applied to their respective production process, and we
components of ending inventory.