Farm Products Incorporated produces wire fencing. Farm Products uses the first-in-firstout method for its process costing system. The Rolling Department at Farm Products began the month of June with 10,000 units (feet) in Work in Process Inventory, all at varying levels of completion.

Direct materials: 70 percent complete Direct labor: 45 percent complete Overhead: 45 percent complete An additional 30,000 units were started during June, 22,000 of which were completed and transferred out during June. A total of 8,000 units remained in Work in Process Inventory at the end of June and were at varying levels of completion:

Direct materials: 60 percent complete Direct labor: 40 percent complete Overhead: 40 percent complete The cost information is as follows:

Costs in beginning Work in Process Inventory:

Direct materials: $16,000 Direct labor: $6,000 Overhead: $5,600 Costs incurred during the month:

Direct materials: $22,000 Direct labor: $19,000 Overhead: $ 14,400 Required

a. Prepare a production cost report for the Rolling Department at Farm Products. Direct materials cost per equiv Incorporated for the month of June.

b. Confirm that total costs to be accounted for (from step 2) equals total costs accounted for (from step 4). Note that minor differences may occur due to rounding the cost per equivalent unit in step 3.

c. According to the production cost report, what is the total cost per equivalent unit for the work performed in the Rolling Department during June? Which of the three product cost components is the highest for the work performed during June, and what percent of the total does this product cost represent?