Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,200 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $696,316 in total. The ending work in process inventory in January consisted of 3,300 units, which were 60% complete with respect to materials and 40% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:

Cost per equivalent unit

Materials- $ 12.60

Labor- $ 4.90

Overhead- $ 7.50

Required:

1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.

2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.

3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.

4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,500 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $736,968 in total. The ending work in process inventory in January consisted of 3,800 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:

Required:

1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.

2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.

3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.

4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,200 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $669,445 in total. The ending work in process inventory in January consisted of 3,500 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead Cost per equivalent unit $ 13.10 $ 3.60 $ 7.80 Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January. 4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,300 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $718,668 in total. The ending work in process inventory in January consisted of 2,600 units, which were 60% complete with respect to materials and 40% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:

Required:

1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.

2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.

3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.

4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)

Essay: Do not add graphing.

1. Explain the concept of profit maximization when the marginal revenue equals marginal cost.

2. Differentiate: Average Fixed Cost, Average Variable Cost, and Average Total Cost.

3. Discuss the relationship between utility and price.

Business: cost from marginal cost. A gourmet popcorn company determines that the marginal cost, in dollars, of the xth bag of gourmet popcorn is given by C' (x) = -0.0004 x + 2.25 C(0)=$0 Find the total cost of producing 1000 bags of popcorn.

1. Assume the following cost data for XYZ industries, a firm that participates in a perfectly competitive market.  Use this data to answer the following questions.

1. Fill in the Total Cost and Marginal Cost data above.

2. If price is $56 then what level of output would maximize profit?  What would profit be?

3. If price is $41 then what level of output would maximize profit?  What would profit be?

4. If price is $32 then what level of output would maximize profit?  What would profit be?

5. Fill in the following information, and assume XYZ industries is the typical firm in the market:

Check only the correction statements below. Check the incorrect statements will result in losing a half of the points for a correct statement. ABC Inc. plans to expand the production by replacing the existing capital equipment. The following information is available.

1. What is the difference between fixed costs and variable costs?’

2. Are there fixed costs in the long run? Explain briefly.

3. Are fixed costs also sunk costs? Explain.

4. What are diminishing marginal returns as they relate to costs?

5. Which costs are measured on a per-unit basis: fixed costs, average cost, the average variable cost, variable costs, and marginal cost?

6. How is each of the following calculated: marginal cost, average total cost, average variable cost?

7. What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?

8. What is a production technology?

9. In choosing a production technology, how will firms react if one input becomes relatively more expensive?

10. What is the long-run average cost curve?