WEIGHTED AVERAGE METHOD, UNIT COST, VALUING INVENTORIES

Buckner Enterprises produces premier strawberry jam. Output is measured in pints. Bucker uses the weighted average method. During January, the company had the following production data:

Units in process, January 1, 60 percent complete 12,000 pints Units completed and transferred out 80,000 pints Units in process, January 31, 40 percent complete 25,000 pints

Costs:

Work in process, January 1 $ 18,000
Costs added during January 117,000

Required:

1. Using the weighted average method, calculate the equivalent units for January.

2. Calculate the unit cost for January.

3. Assign costs to units transferred out and EWIP.