Question: Brief Exercise 6-31 (Appendix 6A) First-In, First-Out Method; Equivalent Units Refer to the information for Aztec Inc. given. Aztec Inc. produces soft drinks. Mixing is

Brief Exercise 6-31 (Appendix 6A) First-In, First-Out Method; Equivalent Units Refer to the information for Aztec Inc. given.

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 120,000 gallons Units completed and transferred out 690,000 gallons Units in process, July 31, 75% complete 80,000 gallons Costs:
Work in process, July 1 $ 120,000 Costs added during July 1,471,500

Required:
1. Calculate the equivalent units for July.
2. Calculate the unit cost. (Note: Round to two decimal places.)
3. Assign costs to units transferred out and EWIP using the FIFO method.

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