Rauzman Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August. Materials ConversionWork in process, August 1$25,641 $15,300Cost added to production in the Mixing Department during August$170,940 $179,775Equivalent units of production for August 7,770 7,650 Required:Compute the cost per equivalent unit for materials and conversion for the Mixing Department for August using the FIFO method.
What will be an ideal response?
FIFO method:
| Materials | Conversion | ||||
| Cost added during the period (a) | $ | 170,940 | $ | 179,775 | |
| Equivalent units of production (b) | $ | 7,770 | $ | 7,650 | |
| Cost per equivalent unit (a) ÷ (b) | 22.00 | 23.50 | |||
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