Question
At the start of November, Speedway Refinery had Work in Process inventory consisting of 4,200 units that were 80 percent complete with respect to materials
At the start of November, Speedway Refinery had Work in Process inventory consisting of 4,200 units that were 80 percent complete with respect to materials and 50 percent complete with respect to conversion costs. The cost of the units was $40,700 ($28,900 of material cost and $11,800 of labor and overhead). During November, the company started 44,400 units and incurred $405,620 of material cost and $387,700 of labor and overhead. The company completed 45,400 units during the month, and 3,200 units were in process at the end of November. The units in ending Work in Process were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs.
(a) Calculate the cost per equivalent unit for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.)
Cost per equivalent unit: Materials |_____________|
Cost per equivalent unit: Conversion costs |____________|
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