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Assigning Costs to Products: Weighted Average Method.

26. The following cost information is for the Assembly department at Sydney, Inc., for the month of April.

Direct Materials Direct Labor Overhead Total

Beginning WIP $300K $350k $250k $900k

Incurred during this month $180k $200k $170k $550k

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. (Hint: This requires performing step 1 of the four-step process.)

1. Calculate the cost per equivalent unit for direct materials, direct labor, and overhead. (Hint: This requires performing step 2 and step 3 of the four-step process.)
2. Assign costs to units transferred out and to units in ending WIP inventory. (Hint: This requires performing step 4 of the four-step process.)
3. 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.
4. Explain the meaning of equivalent units.