Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method.   Data for July: Work-in-process inventory, July 1 (40,000 units):       Direct materials (92% completed) $ 122,800   Conversion (58% completed)   77,250   Balance in work in process inventory, July 1 $ 200,050   Units started during July   94,000   Units completed and transferred   109,200   Work-in-process inventory, July 31:       Direct materials (92% completed)   24,800   Conversion (58% completed)       Cost incurred during July:       Direct materials $ 184,000   Conversion costs   292,000     1. Cost per equivalent unit for materials under the weighted-average method is calculated to be: 2. Cost per equivalent unit for conversion under the FIFO method is calculated to be:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method.

 

Data for July:
Work-in-process inventory, July 1 (40,000 units):      
Direct materials (92% completed) $ 122,800  
Conversion (58% completed)   77,250  
Balance in work in process inventory, July 1 $ 200,050  
Units started during July   94,000  
Units completed and transferred   109,200  
Work-in-process inventory, July 31:      
Direct materials (92% completed)   24,800  
Conversion (58% completed)      
Cost incurred during July:      
Direct materials $ 184,000  
Conversion costs   292,000  
 


1. Cost per equivalent unit for materials under the weighted-average method is calculated to be:

2. Cost per equivalent unit for conversion under the FIFO method is calculated to be:

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education