Question: First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the
First-In, First-Out Method; Equivalent Units
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: undefined
1. Calculate the equivalent units for July.
fill in the blank 2 equivalents units
2. Calculate the unit cost. Round your answer to the nearest cent.
$fill in the blank 3 per unit
3. Assign costs to units transferred out and EWIP using the FIFO method. Do not round intermediate calculations. Round your answers to the nearest dollar.
Cost of units transferred out $fill in the blank 4
Ending work in process $fill in the blank 5
DATA undefined
Production:
Units in process, July 1, 80% complete 60,000 gallons
Units completed and transferred out 414,000 gallons
Units in process, July 31, 75% complete 48,000 gallons
Costs:
Work in process, July 1 $72,000
Costs added during July 882,900
Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the Amount column. Use the blue cells (C18:C20, C26:C28) for intermediate calculations. Transfer the numeric results for the green entry cells (C21, C23, C29, C31) into the appropriate fields in CNOWv2 for grading. undefined
Required:
1. Amount Formulas undefined
Units in BWIP undefined
Units started and completed undefined
Units in EWIP undefined
Total equivalent units for July undefined
2. Unit cost undefined
3. Cost of units transferred out:
BWIP Cost undefined
Units in BWIP undefined
Units started and completed undefined
Total cost of units transferred out undefined
Cost of units in EWIP undefined

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

First-In, First-Out Method; Equivalent Units Inca Inc. produces soft drinks. Mixing is the first department and its output is measured in gallons. Inca uses the FIFO method. All manufacturing costs...

Q:

First-In, First-Out Method; Equivalent Units Inca Inc. produces soft drinks. Mixing is the first department and its output is measured in gallons. Inca uses the FIFO method. All manufacturing costs...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured In gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing...

Q:

What transactions are normally viewed as changes in the principal of an estate? What transactions are normally viewed as changes in the income of an estate?

Q:

Revise and rewrite the sentences below so that they are the most concise they can be. spelling grammar and punctuation should be correct 1. This is the most amazing article that I've ever read...

Q:

Make two copies of this diagram. a On one copy, reflect the shape in the line x = 7. b On the other copy, reflect the shape in the line y = 3. 6 5 4. 3. 2. 1 0 1 2 3 4 5 6 x 7 8 9 10

Q:

SIMAD UNIVERSITY Class: BACC25 Subject: Islamic Accounting Instructions: a) Follow The Instructions. Midterm Exam Instructor: All Ibrahim Date: 6-4-2022 b) You Have 1.5 Hrs. To Complete This Test. c)...

Q:

(Appendices) Choose five food, beauty, or household products you find in your home. Visit a local store and compare three different sizes of the product and compute unit prices. Compile the...

Q:

(Appendices) There is no single solution to reducing or eliminating the long-range actuarial deficit in the Social Security program. The Academy of Actuaries has a game that allows viewers to make...

Q:

(Appendices) Ken, age 52, works only part-time and has no health insurance. The cartilage in both his knees is severely eroded from osteoarthritis, which causes severe pain during his daily...