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Answer: Cost per Equivalent Unit : $3.50
Calculation:
| Summary of Physical units | |||
| Units in beginning WIP inventory | 4000 | ||
| Units started during month | 30000 | ||
| Total unit to be accounted for | 34000 | ||
| Units completed and transferred out (34000-7000) | 27000 | ||
| Units in ending WIP inventory | 7000 | ||
| Total unit accounted for | 34000 |
| Equivalent Units of production | |||||
| Particulars | Physical units | Direct material | Conversion Cost | ||
| % | units | % | units | ||
| units in beginning WIP inventory | 4000 | 0 | 0 | ||
| Units in Started and completed (27000-4000) | 23000 | 100% | 23000 | 100% | 23000 |
| units in ending WIP inventory | 7000 | 100% | 7000 | 60% | 4200 |
| Equivalent Units of production | 30000 | 27200 |
| Direct material | Conversion Cost | Total | |
| cost per Equivalent Unit | |||
| Cost incurred during Month (30000+20000) | 50000 | 50000 | |
| Equivalent Units of production | 30000 | 27200 | |
| Cost per Equivalent Unit | 1.67 | 1.84 | 3.50 |
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