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Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data:
Units in process, January 1, 60% complete108,000 pintsUnits completed and transferred out720,000 pintsUnits in process, January 31, 40% complete225,000 pintsCosts: Work in process, January 1$162,000Costs added during January1,053,000
1. Using the weighted average method, calculate the equivalent units for January.
2. Calculate the unit cost for January. Round your answer to the nearest cent.
3. Assign costs to units transferred out and EWIP.
Cost of goods transferred out$Ending work in process (EWIP)$