Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July:Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed)$122,700 Conversion (56% completed) 77,150 Balance in work in process inventory, July 1$199,850 Units started during July 93,000 Units completed and transferred 107,400 Work-in-process inventory, July 31: Direct materials (94% completed) 24,600 Conversion (56% completed) Cost incurred during July: Direct materials$183,000 Conversion costs 291,000 The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choicea. $96,936.b. $618,030.c. $577,812.d. $586,550.e. $587,950.

Average cost method: Under average cost method, company calculates a new average after every…

Answered: Matrix Inc. calculates cost for an…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 6E: Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November,...

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Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method.

Data for July:
Work-in-process inventory, July 1 (39,000 units):
Direct materials (94% completed)	$	122,700
Conversion (56% completed)		77,150
Balance in work in process inventory, July 1	$	199,850
Units started during July		93,000
Units completed and transferred		107,400
Work-in-process inventory, July 31:
Direct materials (94% completed)		24,600
Conversion (56% completed)
Cost incurred during July:
Direct materials	$	183,000
Conversion costs		291,000

The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.)

Multiple Choice

a. $96,936.
b. $618,030.
c. $577,812.
d. $586,550.
e. $587,950.

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