Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March.

Units			Costs
Beginning work in process inventory	4,000		Beginning work in process inventory
Started	40,000		Direct materials	$	4,720
Ending work in process inventory	8,000		Conversion		15,264
							$	19,984
Status of ending work in process inventory			Direct materials added					298,440
MaterialsPercent complete	100	%	Direct labor added					255,840
ConversionPercent complete	25	%	Overhead applied (140% of direct labor)					358,176
			Total costs to account for				$	932,440
			Ending work in process inventory				$	88,240

Prepare a process cost summary report for this process 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 Conversion $0.00 Total cost of ending work in process Total costs accounted for