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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 58,000 Conversion cost 37,000
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory | |
---|---|
Materials cost | $ 58,000 |
Conversion cost | 37,000 |
Total | $ 95,000 |
Current costs | |
Materials cost | $ 140,000 |
Conversion cost | 390,000 |
Total | $ 530,000 |
Materials are added at the beginning of the process. The following quantities have been recorded:
- Beginning inventory, 42,000 partially complete gallons, 45 percent complete with respect to conversion costs.
- Units started in July, 82,000 gallons.
- Units transferred out in July, 92,000 gallons.
- Ending inventory, 32,000 gallons, 60 percent complete with respect to conversion costs.
Required:
Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method.
Note: Round your answers to 2 decimal places.
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