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 cos are added uniformly. For July, the mixing department provided the following information: Production: 60,000 gallons Units in process, July 1, 80% complete 390,000 gallons Units completed and transferred out Units in process, July 31, 75% complete 24,000 gallons Costs: $ 96,000 Work in process, July 1 Costs added during July 780,000 Required: 1. Calculate the equivalent units for July. V equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. V per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost of units transfe 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 cos are added uniformly. For July, the mixing department provided the following information: Production: 60,000 gallons Units in process, July 1, 80% complete 390,000 gallons Units completed and transferred out Units in process, July 31, 75% complete 24,000 gallons Costs: $ 96,000 Work in process, July 1 Costs added during July 780,000 Required: 1. Calculate the equivalent units for July. V equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. V per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost of units transfe Ending work in process

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Describe internal event with example.
Define the term understand ability.
Define the term lnvesting activities? Explain with an example?
Define Gift card.
What are support events?
Explain what is meant by the decision pattern ?
Define strategy.
What is view modeling?
Explain planning decisions.
Define exit conference.