Ibarra Corporation uses the FIFO method in its process costing system.
The first processing department, the Forming Department, started the month with 16,400 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $23,250. An additional 101,000 units were started into production during the month and 104,000 units were completed and transferred to the next processing department. There were 13,400 units in the ending work in process inventory of the Forming Department that were 30% complete with respect to conversion costs. A total of $597,123 in conversion costs were incurred in the department during the month.
The cost per equivalent unit for conversion costs for the month is closest to .

$5.70

Explanation:

The calculation of conversion costs for the month is given below:-

Units started to completed during the period = Units completed during the month - Units started during the month

= $104,000 - $16,400

= $87,600

So, to complete the started work in progress :-

The Conversion = $16,400 × (100% - 20%)

                          = $13,120

Units started to completed during the period $87,600

And, the ending work in progress

For Conversion = $13,400 × 30%

                          = $4,020

Therefore, the Equivalent production of units is

= $87,600 + $13,120 + $4,020

= $104,740

So, The cost of per per equivalent unit is

= Cost added during the period ÷ Equivalent units of production

= $597,123 ÷ $104,740

= $5.70

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