Weighted Average Method, Unit Cost, Valuing Inventories

Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data:

Units in process, January 1, 60% complete	196,000 pints
Units completed and transferred out	700,000 pints
Units in process, January 31, 40% complete	240,000 pints
Costs:
Work in process, January 1	$196,000
Costs added during January	600,000

Required:

1. Using the weighted average method, calculate the equivalent units for January. equivalents units

2. Calculate the unit cost for January. Round your answer to the nearest cent. $per unit

3. Assign costs to units transferred out and EWIP.

Cost of goods transferred out	$
Ending work in process (EWIP)	$