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Exercise 8-39(Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) ...

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Accounting

Exercise 8-39(Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5)
The following cost information is available for July for the Crest Plant at Calvert Company:
References
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs.
Units started in July, 83,000 gallons.
Units transferred out in July, 93,000 gallons.
Ending inventory, 33,000 gallons, 70 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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