More info in attached images1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. MaterialsLaborOverheadEquivalent units[ ][ ][ ]2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. MaterialsLaborOverheadTotalCost 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. MaterialsLaborOverheadTotalCost of units completed and transferred out[ ][ ][ ][ ]4. Prepare a cost reconciliation for January. FORMAT IN ATTACHED IMAGE Required 1Required 2Required 3Required 4Prepare a cost reconciliation for January.Cost ReconciliationTotal cost to be accounted forCosts accounted for as follows:Total cost accounted for$< Required 3Required 4 Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta AssemblyDepartment completed its processing of 25,200 units and transferred them to the next department. The cost of beginning work inprocess inventory and the costs added during January amounted to $685,615 in total. The ending work in process inventory inJanuary consisted of 3,500 units, which were 70% complete with respect to materials and 50% complete with respect to labor andoverhead. The costs per equivalent unit for the month were as follows:MaterialsLaborOverheadCost per equivalent unit$ 13.10$ 4.20$ 7.80Required: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 beginningwork in process inventory and costs added during the month.)Complete this question by entering your answers in the tabs below.

Working note 1 Statement of equivalent units Material Labor…

Answered: 1. Compute the equivalent units of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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More info in attached images

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

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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