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Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department:

		Direct Materials		Conversion Costs
Units completed			27,000				27,000
Units, ending work in process Percentage complete:
7,000 100%			7,000
7,000 50%							3,500
Equivalent units of output			34,000				30,500

Costs assigned to beginning work in process: direct materials, $90,000; conversion costs, $31,625. Manufacturing costs incurred during April: direct materials, $114,000; conversion costs, $220,000. Holmes uses the weighted average method.

Required:

1. Compute the unit cost for April. If required, round your answer to the nearest cent. $fill in the blank 1 per equivalent unit

2. Determine the cost of ending work in process and the cost of goods transferred out.

Cost of ending work in process	$fill in the blank 2
Cost of goods transferred out	$fill in the blank 3