Exercise Algo Compute Costs per Equivalent Unit: FIFO Method LO
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, partially complete gallons, percent complete with respect to conversion costs.
Units started in July, gallons.
Units transferred out in July, gallons.
Ending inventory, gallons, 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 decimal places.
