Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) - $ 122,400 Conversion (50% completed) - 76,800 Balance in work in process inventory, July 1 - $ 199,200 Units started during July - 90,000 Units completed and transferred - 102,000 Work-in-process inventory, July 31: Direct materials (100% completed) - 24,000 Conversion (50% completed) Cost incurred during July: Direct materials - $ 180,000 Conversion costs - 288,000 Cost per equivalent unit for materials under the weighted-average method is calculated to be:

Circuittown commenced a gift card program in january 2018 and sold $12,150 of gift cards in january, $19,150 in february, and $18,100 in march of 2018 before discontinuing further gift card sales. during 2018, gift card redemptions were $7,850 for the january gift cards sold, $4,350 for the february cards, and $4,250 for the march cards. circuittown considers gift cards to be “broken” (not redeemable) 10 months after sale. required: 1. how much revenue will circuittown recognize with respect to january gift card sales during 2018? 2. prepare journal entries to record the sale of january gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. how much revenue will circuittown recognize with respect to march gift card sales during 2018? 4. what liability for deferred revenue associated with gift card sales would circuittown show as of december 31, 2018?