Question

Matrix Inc. calculates cost for an equivalent unit of production using the weighted average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (90% completed) $122,250 Conversion (53% completed) 77,750 Balance in work in process inventory, July 1 $200,000 Units started during July 89,500 Units completed and transferred 102,200 Work-in-process inventory, July 31: Direct materials (90% completed) 25,800 Conversion (53% completed) Cost incurred during July: Direct materials $172,000 Conversion costs 269,500 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.)