Company produces strawberry gelato. Output F measured in quarts: Company uses the weighted average method. During July, the company had the following production data points: Units processed; July 60% complete 54,000 quarts. Units completed and transferred out 720,000 quarts. Units in process July 31, 40% complete 225,000 quarts. Costs: Work in process, July $81,000; Costs added during July $526,500.
Required:
1. Using the weighted average method, calculate the equivalent units for July.
2. Calculate the unit cost for July: Round your answer to the nearest cent.
3. Assign costs to units transferred out and EWIP.