Jennings Company uses the weighted average method for its process costing system. The Molding department at Jennings
Question:
The following cost information is for the Molding department at Jennings Company for the month of January.
Required:
a. Determine the units to be accounted for and units accounted for; then calculate the equivalent units for direct materials, direct labor, and overhead.
b. Calculate the cost per equivalent unit for direct materials, direct labor, and overhead.
c. Assign costs to units transferred out and to units in ending WIP inventory.
d. Confirm that total costs to be accounted for (from step 2) equals total costs accounted for (from step 4). Note that minor differences may occur due to rounding the cost per equivalent unit in step 3.
e. Explain the meaning of equivalent units.
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