Question

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Exercise 4-12 Equivalent Units; Assigning Costs; Cost Reconciliation-Weighted-Average Method [LO4-2, LO4-4, LO4-5) Superior Micro Products uses the weighted average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead $ 12.50 $ 3.20 $ 6.40 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. 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 beginning work in process inventory and costs added during the month.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 | Required 4 Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. Materials Labor Overhead Equivalent units

Answer 1

1]		Physical Units	Equivalent Units
			Material	Labor	Overheads	Total
	Units processed and transferred to next department	25000	25000	25000	25000
	Ending WIP inventory	3000	2400	1800	1800
2]	Cost of ending WIP:
	Cost per equivalent unit [as given]		$            12.50	$             3.20	$             6.40
	Cost of ending WIP		$          30,000	$           5,760	$        11,520	$        47,280
3]	Cost of units transferred to next department		$      3,12,500	$         80,000	$    1,60,000	$    5,52,500
4]	COST RECONCILIATION:
	Costs to be accounted for:
	Costs in beginning inventory+Costs added during the month					$    5,99,780
	Total costs to be accounted for					$    5,99,780
	Costs accounted for:
	Cost of ending WIP		$          30,000	$           5,760	$        11,520	$        47,280
	Cost of units transferred to next department		$      3,12,500	$         80,000	$    1,60,000	$    5,52,500
	Total costs accounted for		$      3,42,500	$         85,760	$    1,71,520	$    5,99,780