E5.26 LO 5.2 5.3 Weighted average cost and FIFO: manufacturer The following data relate to Heavenly Manufacturing Ltd: During July, 133 500 units were completed and transferred out. Work in process, 1 July: Direct material Conversion Costs incurred during July: Direct material Conversion * Complete as to direct material; 35% complete as to conversion. 15 000 units* $ 32700 86 850 $338 100 480 600 The equivalent units for July were as follows: Weighted average FIFO Direct material 154 500 139500 145500 140250 Conversion Required 1. Calculate each of the following amounts using weighted average process costing:

(a) cost of goods completed during July

(b) cost of the 31 July work in process inventory. 2. Repeat requirement 1 using the FIFO method.