Department completed its processing of 26,600 units and transferred them to the

Question

Department completed its processing of 26,600 units and transferred them to the next department. The cost of be process inventory and the January consisted of 3,000 units, which were 70% complete with respect to overhead. The costs per equivalent unit for the month were as follows: ucts uses the weighted-average method in its process costing system. During January, the Delta Assembly costs added during January amounted to $679,090 in total. The ending work in process inventory in ginning work in materials and 50% complete with respect to labor and Materialsl Labor loverhead 12.50$ 4.30 $7.10 Cost per equivalent unit 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 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) Complete this question by entering your answers in the tabs below Compute the equivalent units of materials, labor, and overhead in the ending work in process r the month. Materials Labor Overhead Equivalent units

Explanation / Answer

1 Materials Labor Overhead Units completed and transferred out 26600 26600 26600 Ending goods in process ­ units 2100 1500 1500 Equivalent units of production 28700 28100 28100 2 Cost of ending work in Process inventory: Materials 26250 =2100*12.5 Labor 6450 =1500*4.3 Overhead 10650 =1500*7.1 Total 43350 3 Cost of Units completed and transferred out Materials 332500 =26600*12.5 Labor 114380 =26600*4.3 Overhead 188860 =26600*7.1 Total 635740 4 Toal costs to be accounted for 679090 Costs accounted for as follows: Cost of Units completed and transferred out 635740 Cost of ending work in Process inventory 43350 Toal costs accounted for 679090

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