Shyne Incorporated calculates the cost for an equivalent pro…
Shyne Incorporated calculates the cost for an equivalent production unit using the weighted average method. Data for July: Work-in-process inventory, July 1 (34,500 units): Direct materials (98% completed) $ 122,900 Conversion (45% completed) 77,350 Balance in work in process inventory, July 1 $ 200,250 Units started during July 95,000 Units completed and transferred 104,500 Work-in-process inventory, July 31 (25,000 units): Direct materials (98% completed) Conversion (45% completed) Cost incurred during July: Direct materials $ 185,000 Conversion costs 265,500 Costs of units transferred out is $_______________