Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) Conversion (55% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (95% completed) $ 122,650 77,100 $ 199,750 Conversion (55% completed) Cost incurred during July: Direct materials Conversion costs Cost per equivalent unit for conversion under the FIFO method is calculated to be: 92,500 106,750 24,250 $ 182,500 290,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Data for July:
Work-in-process inventory, July 1 (38,500 units):
Direct materials (95% completed)
Conversion (55% completed)
Balance in work in process inventory, July 1
Units started during July
Units completed and transferred
Work-in-process inventory, July 31:
Direct materials (95% completed)
Conversion (55% completed)
Cost incurred during July:
O Direct materials
Conversion costs
Cost per equivalent unit for conversion under the FIFO method is calculated to be:
Multiple Choice
$2.94
$ 122,650
77,100
$ 199,750
$2.35.
92,500
106,750
24,250
$ 182,500
290,500
Transcribed Image Text:Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) Conversion (55% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (95% completed) Conversion (55% completed) Cost incurred during July: O Direct materials Conversion costs Cost per equivalent unit for conversion under the FIFO method is calculated to be: Multiple Choice $2.94 $ 122,650 77,100 $ 199,750 $2.35. 92,500 106,750 24,250 $ 182,500 290,500
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