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:

Production:
Units in process, July 1, 80% complete 60,000 gallons
Units completed and transferred out 390,000 gallons
Units in process, July 31, 75% complete 24,000 gallons
Costs:
Work in process, July 1 $ 96,000
Costs added during July 780,000

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
Ending work in process

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