Zubris Corporation uses the FIFO method in its process costing. The following data concern the company's Assembly Department for the month of January. Materials ConversionWork in process, January 1$4,761 $5,365Cost added to production in the Assembly Department during January$26,496 $34,040Equivalent units of production for January 2,070 1,850 Required:Compute the costs per equivalent unit for the Assembly Department for January using the FIFO method.
What will be an ideal response?
FIFO method:
| Materials | Conversion | ||||
| Cost added during the period (a) | $ | 26,496 | $ | 34,040 | |
| Equivalent units of production (b) | $ | 2,070 | $ | 1,850 | |
| Cost per equivalent unit (a) ÷ (b) | 12.80 | 18.40 | |||
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