Answered: Weighted Average Method, Unit Cost,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Line Item Description Value Units in process, January 1, 60% complete 152,000 pints Units completed and transferred out 720,000 pints Units in process, January 31, 40% complete 245,000 pints Costs: Work in process, January 1 $182,400 Costs added during January 799,200 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Required: 1. Using the weighted average method, calculate the equivalent units for January. fill in the blank 1 of 1 equivalents units 2. Calculate the unit cost for January. Round your answer to the nearest cent. fill in the blank 1 of 1$ per unit 3. Assign costs to units transferred out and EWIP. Cost of goods transferred out fill in the blank 1 of 2$ Ending work in process (EWIP) fill in the blank 2 of 2$

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