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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations for the month of May 2012:
Units
Beginning work in process inventory, May 1 16,000
Started in production during May 100,000
Completed production during May 92,000
Ending work in process inventory, May 31 24,000
The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs.
Costs pertaining to the month of May are as follows:
• The beginning inventory costs are: materials, $54,560; direct labor, $20,320; and factory overhead, $15,240.
• Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160. Using the FIFO method, the equivalent unit conversion cost for May is