First In, First Out Method Equivalent Units Aztec Inc produces soft drinks Mixing is the first department, and its output is measured in gallons Aztec uses the FIFO method All manufacturing costs are added uniformly For July, the mixing department provided the following information Production Units in process, July 1, 80 complete 60,000 gallons Units completed and transferred out 390,000 gallons Units in process, July 31, 75 complete 24,000 gallons Costs Work in process, July 1 $ 96,000 Costs added during July 780,000 Required 1 Calculate the equivalent units for July equivalent units 2 Calculate the unit cost Round your answer to the nearest cent $per unit 3 Assign costs to units transferred out and EWIP using the FIFO method Note Do not round interim computations Cost of units transferred out $ Ending work in process $ First In, First Out Method Equivalent Units Aztec Inc produces soft drinks Mixing is the first department, and its output is measured in gallons Aztec uses the FIFO method All manufacturing costs are added uniformly For July, the mixing department provided the following information Production Units in process, July 1, 80 complete 60,000 gallons Units completed and transferred out 390,000 gallons 24,000 gallons Units in process, July 31, 75 complete Costs Work in process, July 1 Costs added during July $ 96,000 780,000 Required 1 Calculate the equivalent units for July 360,000 equivalent units 2 Calculate the unit cost Round your answer to the nearest cent s 2 17 per unit 3 Assign costs to units transferred out and EWIP using the FIFO method Note Do not round interim computations Cost units transferred out s 742,140 x Ending work in process s 742,140

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 14, 2024

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the

First-In, First-Out Method; Equivalent Units

Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information:

Production:
Units in process, July 1, 80% complete		60,000 gallons
Units completed and transferred out		390,000 gallons
Units in process, July 31, 75% complete		24,000 gallons

Costs:
Work in process, July 1		$ 96,000
Costs added during July		780,000

Required:

1. Calculate the equivalent units for July. equivalent units

2. Calculate the unit cost. Round your answer to the nearest cent. $per unit

3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations.

Cost of units transferred out	$
Ending work in process	$

image text in transcribed

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 60,000 gallons Units completed and transferred out 390,000 gallons 24,000 gallons Units in process, July 31, 75% complete Costs: Work in process, July 1 Costs added during July $ 96,000 780,000 Required: 1. Calculate the equivalent units for July. 360,000 equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. s 2.17 per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost units transferred out s 742,140 x Ending work in process s 742,140