Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Cost added during May $ 67,276 $ 27,025 $ 86,825 Equivalent units of production 13,900 11,500 11,500 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)

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Business

Rosemary

7 February, 19:52

Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Cost added during May $ 67,276 $ 27,025 $ 86,825 Equivalent units of production 13,900 11,500 11,500 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)

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Mckinley Moody · Answer 1

The computation of the cost per equivalent units for each one is shown below:

For Material

= Cost added : Equivalent unit of production

= $67,276 : 13,900 units

= $4.84 per unit

For Labor

= Cost added : Equivalent unit of production

= $27,025 : 11,500 units

= $2.35 per unit

For overhead

= Cost added : Equivalent unit of production

= $86,825 : 11,500 units

= $7.55 per unit