Hayek Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August.
Materials Conversion
Work in process, August 1 $31,734 $30,320
Cost added to production in the Mixing Department during August $91,332 $81,864
Equivalent units of production for August 7,740 7,580
Required:
What are the cost per equivalent unit for materials and the cost per equivalent for conversion for the Mixing Department for August using the FIFO method?

Question

01-12-2022
Business

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Hayek Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August.
Materials Conversion
Work in process, August 1 $31,734 $30,320
Cost added to production in the Mixing Department during August $91,332 $81,864
Equivalent units of production for August 7,740 7,580
Required:
What are the cost per equivalent unit for materials and the cost per equivalent for conversion for the Mixing Department for August using the FIFO method?

Sagot :

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