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Prepare and assign costs to units transferred out and ewip

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Reference no: EM132520392

Polson Enterprises produces strawberry gelato. Output is measured in quarts. Polson uses the weighted average method. During July, Polson had the following production data:

Units in process, July 1, 60% complete   54,000 quarts

Units completed and transferred out        360,000quarts

Units in process, July 31, 40% complete     112,500quarts

Costs: 

Work in process, July 1                           $ 81,000 

Costs added during July                             526,500

Required:

Question 1: Using the weighted average method, calculate the equivalent units for July.

Question 2: Calculate the unit cost for July.

Question 3: Assign costs to units transferred out and EWIP.

Reference no: EM132520392

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