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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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