FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hayek Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August.
Materials Conversion
Work in process, August 1 $31,734 $30,320
Cost added to production in the Mixing Department during August $91,332 $81,864
Equivalent units of production for August 7,740 7,580
Required:
What are the cost per equivalent unit for materials and the cost per equivalent for conversion for the Mixing Department for August using the FIFO method?
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Transcribed Image Text:Hayek Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August. Materials Conversion Work in process, August 1 $31,734 $30,320 Cost added to production in the Mixing Department during August $91,332 $81,864 Equivalent units of production for August 7,740 7,580 Required: What are the cost per equivalent unit for materials and the cost per equivalent for conversion for the Mixing Department for August using the FIFO method?
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