1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.       Materials Labor Overhead Equivalent units [       ] [    ] [        ] 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.       Materials Labor Overhead Total Cost of ending work in process inventory [     ] [     ] [     ] [    ] 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.       Materials Labor Overhead Total Cost of units completed and transferred out [     ] [    ] [          ] [     ] 4. Prepare a cost reconciliation for January.               FORMAT IN ATTACHED IMAGE

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.

 
 
  Materials Labor Overhead
Equivalent units [       ] [    ] [        ]

2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.

 
 
  Materials Labor Overhead Total
Cost of ending work in process inventory [     ] [     ] [     ] [    ]

3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.

 
 
  Materials Labor Overhead Total
Cost of units completed and transferred out [     ] [    ] [          ] [     ]

4. Prepare a cost reconciliation for January.

              FORMAT IN ATTACHED IMAGE

Required 1
Required 2
Required 3
Required 4
Prepare a cost reconciliation for January.
Cost Reconciliation
Total cost to be accounted for
Costs accounted for as follows:
Total cost accounted for
$
< Required 3
Required 4
Transcribed Image Text:Required 1 Required 2 Required 3 Required 4 Prepare a cost reconciliation for January. Cost Reconciliation Total cost to be accounted for Costs accounted for as follows: Total cost accounted for $ < Required 3 Required 4
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly
Department completed its processing of 25,200 units and transferred them to the next department. The cost of beginning work in
process inventory and the costs added during January amounted to $685,615 in total. The ending work in process inventory in
January consisted of 3,500 units, which were 70% complete with respect to materials and 50% complete with respect to labor and
overhead. The costs per equivalent unit for the month were as follows:
Materials
Labor
Overhead
Cost per equivalent unit
$ 13.10
$ 4.20
$ 7.80
Required:
1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.
2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.
3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.
4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning
work in process inventory and costs added during the month.)
Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,200 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $685,615 in total. The ending work in process inventory in January consisted of 3,500 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead Cost per equivalent unit $ 13.10 $ 4.20 $ 7.80 Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January. 4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.) Complete this question by entering your answers in the tabs below.
Expert Solution
Step 1

Working note 1

Statement of equivalent units

         

 

 

Material

 

Labor

Overhead

 

Units

%

Equivalent units

%

Equivalent units

%

Equivalent units

Transferred

25200

100

25200

100%

25200

100%

25200

Closing WIP

3500

70

2450

50%

1750

50%

1750

 

 

 

27650

 

26950

 

26950

 

 

 

 

 

 

 

 

 

 

Working note 2:

 

 

Transferred

Ending WIP

 

Eq. cost

units

Allocated cost

units

Allocated cost

Material

13.1

       25,200

            330,120

       2,450

            32,095

Labor

4.2

       25,200

            105,840

       1,750

              7,350

Overhead

7.8

       25,200

            196,560

       1,750

            13,650

   

Total

            632,520

 

            53,095

           

 

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