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Cost Information and the Weighted Average Method

Morrison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December, as shown below.

Direct Materials Conversion Costs

Units completed $49,00049,000$

Add: Units in ending work in process $\backslash$times

Percentage complete:

$12,000\backslash$times $100\%$ direct materials $12,000$

$12,000\backslash$times $40\%$ conversion materials $4,800$

Eqivalent units of output $61,00053,800$

Costs:

Work in process, December $1$:

Direct materials $$63,000$

Conversion costs $10,000$

Total work in process $$73,000$

Current costs:

Direct materials $$580,000$

Conversion costs $183,000$

Total current costs $$763,000$Required:

Calculate the unit cost for December, using the weighted average method. Round

final answer to the nearest cent. $($NOTE: retain unrounded interim amounts for

use in part $2.)$

$

$$ per equivalent unit

Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile

the costs assigned with the costs to account for. Using interim amounts from part $1$

$($unrounded amounts$),$ compute each amount. Then round only final answers

to the nearest dollar.

Cost of goods transferred out:

Units completed

Reconciliation

Cost to account for:

BWIP

Total