Problem: Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 27,000 units and transferred them to the next department. The cost of beginning works in process inventory and the costs added during January amounted to $665,260 in total. The ending work in process inventory in January consisted of 3,500 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:
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Materials
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Labor
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Overhead
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Cost per equivalent unit
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$12.70
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$3.90
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$6.80
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Required:
Q1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.
Q2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.
Q3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.
Q4. Prepare cost reconciliation for January.