EXERCISE 4-20 (15 MINUTES) Exercise 4-20 Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following Cost per Equivalent Unit; data pertain to the firm's sawmill during November Weighted Average (L04-1,4-3, 4-4) Work in process, November 1: Drect material $ 65,000 Conversion 180,000 Costs incurred during November Direct material $425,000 Conversion 690,000 The equivalent units of activity for November were as follows: 7,000 equivalent units of direct material and 1,740 equivalent units of conversion activity. Requlred: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing