Use This Information About Penny, Inc

Multiple Choice

Use this information about Penny, Inc. to answer the questions that follow.
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Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about the July activities:
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-Using the FIFO method, the cost per equivalent unit for materials used during July was

A) $10.78
B) $10.33
C) $9.78
D) $10.65