Superior Micro Products uses the weighted-average method in its process costing

Question

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,200 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $700,576 in total. The ending work in process inventory in January consisted of 3,600 units, which were 60% complete with respect to materials and 40% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead $ 13.30 3.70 8.00 Cost per equivalent unit Required . 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.)

Explanation / Answer

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Solution 4:

Computation of Equivalent unit of Production - Weighted Average (Assembly Department) Particulars Physical Units Material Labor Overhead Unit completed & Transferred out 26200 26200 26200 26200 Closing WIP: 3600 Material (60%) 2160 Labor and Overhead (40%) 1440 1440 Equivalent units of production 29800 28360 27640 27640

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