Calculate the total unit cost using the FIFO process costing method

Calculate the total unit cost using the FIFO process costing method

Subject: Business    / Accounting
Question

XYZ Company operates two departments, the assembly department and the finishing
department. During June, the assembly department reported the following
information:

units % complete DM % complete conversion

work in process, June 1 24,000 75% 40%

units completed during June 50,000

work in process, June 30 37,000 80% 20%

The cost of beginning work in process and the costs added during June were as
follows:

DM Conversion Total cost

work in process, June 1 $ 43,360 $ 70,000 $113,360

costs incurred during June 529,760 234,220 763,980

total costs 573,120 304,220 877,340

Calculate the total unit cost using the FIFO process costing method. Enter your
answer with two places after the decimal point (i.e., $4.90).