• $4.95

• $4.90

• $4.98

• $4.88

You are engaged in the audit of the December 31, 2019, financial statements of Epworth Products Corporation. All materials are added to production at the beginning of the manufacturing process (.e. 100% completion), and overhead is applied to each product at the rate of 60 percent of direct labor costs. Epworth uses the FIFO costing method. The current ending balance of work in process account (material and conversion costs) on the record is $860,960. A review of Epworth's 2019 inventory cost records disclosed the following information: % Completed Cost 100% 80% $200,000 $315,000 Beginning work in process: 200,000 units Materials Labor New units started: 1,000,000 units Units completed: 900,000 unites Current Period Material Costs Current Period Labor Costs $1,300,000 $1,991,375 Units in ending work in process account: 300,000 units Material 100% Labor 50% Calculate the cost of per equivalent unit using the FIFO method