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Calculate the cost per equivalent unit for direct material

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Question - Gamma Growerz grows, harvests and processes timber for use in the building industry. The following data relate to the company's sawmill during March:

Work in process, 1 March:

Direct material $ 130 000

Conversion 360 000

Costs incurred during March:

Direct material $ 850 000

Conversion 1 380 000

The equivalent units for March were as follows:

 

Weighted average

FIFO

Direct material

14,000

8,500

Conversion

3,480

2,000

Required -

a. Calculate the cost per equivalent unit for both direct material and conversion during March. Use weighted average process costing.

b. Repeat requirement (a) using the FIFO method.

Reference no: EM133176757

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