Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) Conversion (50% completed) Balance in work in process inventory, July 11 Units started during July Units completed and transferred Work-in-process inventory, July 31 (24,000 units) Direct materials (100% completed) Conversion (50% completed) Cost incurred during July: Direct materials Conversion costs 1. Calculate equivalent units for direct materials and conversion cost. 2. Calculate cost per equivalent unit for DM and conversion cost. 3. Assign out total manufacturing costs to appropriate units. $ 122,400 76,800 $ 199,200 90,000 100,000 $ 195,000 290,000

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.