Ibarra Corporation uses the FIFO method in its process costing system.

Business

1 answer:

Advocard [28]2 years ago

7 0

Answer:

$5.70

Explanation:

The calculation of conversion costs for the month is given below:-

Units started to completed during the period = Units completed during the month - Units started during the month

= $104,000 - $16,400

= $87,600

So, to complete the started work in progress :-

The Conversion = $16,400 × (100% - 20%)

= $13,120

Units started to completed during the period $87,600

And, the ending work in progress

For Conversion = $13,400 × 30%

= $4,020

Therefore, the Equivalent production of units is

= $87,600 + $13,120 + $4,020

= $104,740

So, The cost of per per equivalent unit is

= Cost added during the period ÷ Equivalent units of production

= $597,123 ÷ $104,740

= $5.70

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