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Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (37,500 units): Direct materials
Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method.
Data for July: | |||
Work-in-process inventory, July 1 (37,500 units): | |||
Direct materials (92% completed) | $ | 122,150 | |
Conversion (51% completed) | 77,650 | ||
Balance in work in process inventory, July 1 | $ | 199,800 | |
Units started during July | 88,500 | ||
Units completed and transferred | 100,400 | ||
Work-in-process inventory, July 31: | |||
Direct materials (92% completed) | 25,600 | ||
Conversion (51% completed) | |||
Cost incurred during July: | |||
Direct materials | $ | 171,000 | |
Conversion costs | 268,500 | ||
Cost per equivalent unit for materials under the weighted-average method is calculated to be:
Multiple Choice
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$1.93.
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$2.37.
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$2.85.
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$2.95.
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$3.03.
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