Weighted Average Method, Unit Cost, Valuing Inventories

Polson Enterprises produces strawberry gelato. Output is measured in quarts. Polson uses the weighted average method. During July, Polson had the following production data:

Units in process, July 1, 60% complete	54,000 quarts
Units completed and transferred out	360,000 quarts
Units in process, July 31, 40% complete	112,500 quarts
Costs:
Work in process, July 1	$81,000
Costs added during July	526,500

Required:

1. Using the weighted average method, calculate the equivalent units for July. equivalent units

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

3. Assign costs to units transferred out and EWIP.

Cost of goods transferred out	$
Ending work in process	$