Calculate the unit cost. Round your answer to the nearest cent. per unit
Calculate the unit cost. Round your answer to the nearest cent. per unit
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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 40,000 gallons Units completed and transferred out 260,000 gallons Units in process, July 31, 75% complete 16,000 gallons Costs: Work in process, July 1 $ 64,000 Costs added during July 520,000 Required: 1. Calculate the equivalent units for July. equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. per 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 Ending work in process
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