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

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 Units completed and transferred out Units in process, July 31, 75% complete 40,000 gallons 260,000 gallons 16,000 gallons Costs: $ 64,000 Work in process, July 1 520,000 Costs added during July 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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