Reference no: EM132465896

AMU / ACCT101:

Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department:

Point 1 Units:

Beginning Inventory: 97,000 units, 70% complete as to materials and 25% complete as to conversion.

Units started and completed: 267,000.

Units completed and transferred out: 364,000.

Ending Inventory: 38,500 units, 40% complete as to materials and 10% complete as to conversion.

Point 2 Costs:

Costs in beginning Work in Process - Direct Materials: $54,200.

Costs in beginning Work in Process - Conversion: $96,700.

Costs incurred in October - Direct Materials: $851,800.

Costs incurred in October - Conversion: $936,300.

Question 1: Calculate the cost per equivalent unit of materials.