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: Units in process, January 1, 60% complete 184,000 pints Units completed and transferred out 700,000 pints Units in process, January 31, 40% complete 225,000 pints Costs:   Work in process, January 1 $202,400 Costs added during January 666,600

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

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:

Units in process, January 1, 60% complete 184,000 pints
Units completed and transferred out 700,000 pints
Units in process, January 31, 40% complete 225,000 pints
Costs:  
Work in process, January 1 $202,400
Costs added during January 666,600

 

1. Using the weighted average method, calculate the equivalent units for January.
equivalents units
2. Calculate the unit cost for January. Round your answer to the nearest cent.
per unit
3. Assign costs to units transferred out and EWIP.
Cost of goods transferred out
Ending work in process (EWIP)
%24
Transcribed Image Text:1. Using the weighted average method, calculate the equivalent units for January. equivalents units 2. Calculate the unit cost for January. Round your answer to the nearest cent. per unit 3. Assign costs to units transferred out and EWIP. Cost of goods transferred out Ending work in process (EWIP) %24
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education