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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 1
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
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