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Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. ...

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Accounting

Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method.

Data for July:
Work-in-process inventory, July 1 (38,500 units):
Direct materials (95% completed) $ 122,650
Conversion (55% completed) 77,100
Balance in work in process inventory, July 1 $ 199,750
Units started during July 92,500
Units completed and transferred 106,500
Work-in-process inventory, July 31:
Direct materials (95% completed) 24,500
Conversion (55% completed)
Cost incurred during July:
Direct materials $ 182,500
Conversion costs 290,500

Total equivalent units for materials under the weighted-average method are calculated to be:

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