Direct Material 1 Direct Material 2 Conversion costs % Complete Physical units Total $ Equivalent units $ Equivalent uni

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Direct Material 1 Direct Material 2 Conversion costs % Complete
Physical units Total $ Equivalent units $ Equivalent units $
Equivalent units $ Beginning balance WIP 30% 3,000 $7,000 3,000
$6,000 - $0 900 $1,000 Units started (current costs) 9,000 $33,600
9,000 $12,800 12,000 $9,800 10,100 $11,000 Total to account for
12,000 $40,600 12,000 $18,800 12,000 $9,800 11,000 $12,000
Equivalent cost rates Units completed/Transferred out (COGM) 7,000
7,000 7,000 7,000 Ending balance WIP 80% 5,000 5,000 5,000 4,000
Total to account for 12,000 12,000 12,000 11,000 Above is a
partially completed process costing template that you can also
download in excel: Process Costing.xlsx
Download Process Costing.xlsx Assuming the company uses the FIFO
method, calculate the equivalent cost rate of Direct Material 1
Enter your final answer to 2 decimal places.