Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,700 units and

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,700 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $723,953 in total. The ending work in process inventory in January consisted of 2,700 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: 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 beginnin 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 inventory for the month. Required 1 Required 2 Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. \begin{tabular}{|l|c|c|c|c|} \hline & Materials & Labor & Overhead & Total \\ \hline Cost of ending work in process inventory & & & \\ \hline & \\ \hline \end{tabular} Required 1 Required 2 Required 3 Required 4 Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January. \begin{tabular}{|l|c|c|c|c|} \hline & Materials & Labor & Overhead & Total \\ \hline Cost of units completed and transferred out & & & \\ \hline & \\ \hline \end{tabular} Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of jeginning work in process inventory and costs added during the month.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Operational Auditing Handbook Auditing Business And IT Processes

Authors: Andrew Chambers, Graham Rand

2nd Edition

0470744766, 978-0470744765

More Books

Students also viewed these Accounting questions

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago