Rabin Corporation Uses the FIFO Method in Its Process Costing

question 55

Essay

Rabin Corporation uses the FIFO method in its process costing.The following data concern the company's Mixing Department for the month of August. $\begin{array}{llcc}&\text { Materials}&\text { Conversion }\\ \text { Work in process, August 1.........................................} &\$18,724&\$18,962\\ \text {Cost added to production in the Mixing } &\\ \text { Department during August............................................................} &\$84,560&\$98,303\\ \text { Equivalent units of production for August.................. } &6,040&4,990\\\end{array}$
Required:
Compute the cost per equivalent unit for materials and conversion for the Mixing Department for August using the FIFO method.