Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher

Exercise 39

Compute Costs per Equivalent Unit: Weighted-Average Method
Pacific Ink had beginning work-in-process inventory of $372,480 on October 1. Of this amount, $152,460 was the cost of direct materials and $220,020 was the cost of conversion. The 24,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs.
During October, 51,000 units were transferred out and 15,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,171,800 for direct materials and $1,513,920 for conversion.
Required
Compute the cost per equivalent unit for direct materials and for conversion costs using the weighted-average method.