Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,600 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $678,234 in total. The ending work in process inventory in January consisted of 3,400 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 Cost per equivalent unit Required: $ 13.80 $ 3.20 Overhead $ 7.50 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 $ 306,360 $ 71,040 $ 166,500 $ 543,900
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,600 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $678,234 in total. The ending work in process inventory in January consisted of 3,400 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 Cost per equivalent unit Required: $ 13.80 $ 3.20 Overhead $ 7.50 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 $ 306,360 $ 71,040 $ 166,500 $ 543,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 25,600 units and transferred them to the next department. The cost of beginning work in
process inventory and the costs added during January amounted to $678,234 in total. The ending work in process inventory in
January consisted of 3,400 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
Cost per equivalent unit
Required:
$ 13.80 $ 3.20
Overhead
$ 7.50
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.)
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Required 3
Required 4
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
$ 306,360 $
71,040 $ 166,500 $
543,900
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