Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production:     Units in process, July 1, 80% complete   30,000 gallons Units completed and transferred out   195,000 gallons Units in process, July 31, 75% complete   12,000 gallons       Costs:     Work in process, July 1   $ 48,000 Costs added during July   390,000 Required: 1.  Calculate the equivalent units for July. fill in the blank 1 equivalent units 2.  Calculate the unit cost. Round your answer to the nearest cent. $fill in the blank 2per unit 3.  Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost of units transferred out $fill in the blank 3 Ending work in process $fill in the blank 4

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information:

Production:    
Units in process, July 1, 80% complete   30,000 gallons
Units completed and transferred out   195,000 gallons
Units in process, July 31, 75% complete   12,000 gallons
     
Costs:    
Work in process, July 1   $ 48,000
Costs added during July   390,000

Required:

1.  Calculate the equivalent units for July.
fill in the blank 1 equivalent units

2.  Calculate the unit cost. Round your answer to the nearest cent.
$fill in the blank 2per unit

3.  Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations.

Cost of units transferred out $fill in the blank 3
Ending work in process $fill in the blank 4
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