Reference no: EM132561626

The following information was taken from the books of Hamilton Manufacturing Company for the month of January 2020.

Cost of units in process at beginning:

January 1, 2020 Material $ 30,000

Labor $ 20000

Factory overhead $ 10000

Cost of Raw Material used $74,000

Direct labor of cost incurred $57,000

Factory overhead cost Incurred $ 43,000

The data extracted from the production report relating to above process are as follows:

Units in process at beginning of January

40% complete as to material and 60% complete as to labor and overhead............. 5000 units

Units placed into production during January.................................................13000 units

• Units in process at end of January 31,
• 60% complete as to material and 80% complete as to labor and overhead .............3000 units

Required:

Question 1: Compute the equivalent units of production assuming weighted average method.

Question 2: Compute the costs per equivalent unit for January

Question 3: Compute ending inventory of goods in process

Question 4: Compute the cost of units transferred out

Question 5: Prepare cost reconciliation report for the month