Question

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta...

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,700 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $675,255 in total. The ending work in process inventory in January consisted of 2,100 units, which were 50% complete with respect to materials and 30% 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 $ 13.50 $ 3.40 $ 7.60 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.)

Homework Answers

Answer #1
1
Materials Labor Overhead
Units in ending work in process inventory 2100 2100 2100
Percent completed 50% 30% 30%
Equivalent units in the ending work in process inventory 1050 630 630
2
Materials Labor Overhead Total
Equivalent units 1050 630 630
Cost per equivalent unit 13.5 3.4 7.6
Cost of ending work in process inventory 14175 2142 4788 21105
3
Materials Labor Overhead Total
Units transferred to the next department 26700 26700 26700
Cost per equivalent unit 13.5 3.4 7.6
Cost of units completed and transferred out 360450 90780 202920 654150
4
Cost Reconciliation
Total cost to be accounted for 675255
Costs accounted for as follows:
Cost of ending work in process inventory 21105
Cost of units completed and transferred out 654150
Total cost accounted for 675255
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