1. Polson Enterprises produces strawberry gelato. Output is measured in quarts. Polson uses the weighted average method. During July, Polson had the following production data:
2. Units in process, July 1, 60% complete54,000quartsUnits completed and transferred out360,000quartsUnits in process, July 31, 40% complete112,500quartsCosts:Work in process, July 1$81,000Costs added during July526,500
3. Required:
4. Using the weighted average method, calculate the equivalent units for July.
5. Calculate the unit cost for July.
6. Assign costs to units transferred out and EWIP.