Matrix Inc. calculates cost for an equivalent unit of production using the weighted average method. Data for July:
Work-in-process inventory, July 1 (38,000 units): $122,200
Direct materials (91% completed) 77,700
Conversion (52% completed) $199,900
Balance in work in process inventory, July 1 Units started during July 89,000
Units completed and transferred 101,300
Work-in-process inventory, July 31: 25,700
Direct materials (91% completed)
Conversion (52% completed)
Cost incurred during July:
Direct materials $171,500
Conversion costs 269,000
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.)
a) $94,604.
b) $591,980.
c) $544,994.
d) $557,750.
e) $558,690.