Problem
Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November:
Work In Process, Nov 1:
Direct Material.................$65,000
Conversion......................$180,000
Costs incurred during Nov:
Direct Material................$425,000
Conversion.....................$690,000
The equivalent units of activity for November were as follows: 7,000 equivalent units of direct material and 1,740 equivalent units of conversion activity.
Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use the weighted-average process costing.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.