Gq company produces its product in a single processing

Reference no: EM13600626

GQ Company produces its product in a single processing department. Direct materials are added at the start of the process, while direct labor, and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting system. Its Goods in Process Inventory account follows after entries for direct materials, direct labor, and overhead costs for November:

Date Explanation Debit Credit Balance
Nov. 1 Beg. Balance 40,870
Nov. 31 Direct Material 10,200 51,070
Nov. 31 Direct Labor 40,400 91,470
Nov. 31 Factory Overhead 123,000 214,470

Its beginning goods in process consisted of $2,550 of direct materials, $9,620 of direct labor, and $28,700 of factory overhead. The equivalent units of production for material is 8,500 and for labor and overhead is 8,200 calculated as follows: Materials Labor and FO

Transferred out 7,000 7,000
Ending Inventory 1,500 1,200
Total 8,500 8,200

Calculate the weighted average cost per unit for materials, labor, and overhead Materials:

Reference no: EM13600626

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