Reference no: EM132632125

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 C

onversion (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

Question 1: Compute total equivalent units for materials under the weighted-average method.

Question 2: Compute total equivalent units for conversion under the FIFO method.

Question 3: Compute cost per equivalent unit for materials under the weighted-average method.

Question 4: Compute cost per equivalent unit for conversion under the FIFO method is calculated to be:

Question 5: Compute the cost of goods completed and transferred out under the weighted-average method.