Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger

Exercise 14

( Appendix 6A ) First-In, First-Out Method; Unit Cost; Valuing Inventories
Loren Inc. manufactures products that pass through two or more processes. During April, equivalent units were computed using the FIFO method:

Required:
1. Calculate the unit cost for April using the FIFO method. (Note: Round to two decimal places.)
2. Using the FIFO method, determine the cost of EWIP and the cost of the goods transferred out.