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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?