Reference no: EM131015846

Zing Inc. calculated cost for an equivalent unit of production using both the weighted-average and the FIFO methods.

Data for July:

Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) $ 96,000 Conversion (30% completed) 29,268 Balance in work in process inventory, July 1 $125,268

Units started during July 60,000 Units completed and transferred 72,000

Work-in-process inventory, July 31: Direct materials (100% completed) 24,000 Conversion (60% completed)

Cost incurred during July: Direct materials $180,000 Conversion costs 319,788

60) Compute total equivalent units for materials under the weighted-average method.

61) Compute total equivalent units for conversion under the FIFO method.

62) Compute cost per equivalent unit for materials under the weighted-average method.

63) Compute cost per equivalent unit for conversion under the FIFO method is calculated to be:

64) Compute the cost of goods completed and transferred out under the weighted-average method.