Problem 3. Ronda Company employs weighted average process costing system concerning its sole product. The following data were provided by the cost accountant for the year ended December 31, 2016: a. There are 15,000 units on January 1, 2016 with following costs: 500,000-direct material, 1,200,000-direct labor and 300,000 factory overhead. The beginning inventory is 30% complete as to conversion cost. b. There are 35,000 units started during 2016 and the total manufacturing cost added during 2016 consists of P4M-direct material, P3M-direct labor and P1M-factory overhead. c. There are 20,000 units on December 31, 2016 which are 20% incomplete as to conversion cost. d. There is no spoilage during the year. e. It is the company’s policy to add direct labor and factory overhead evenly throughout the period while all direct materials are added at the beginning of the process. What is the cost per equivalent unit of production of Direct Material and Conversion Cost, respectively?  Assuming it's FIFO, What is the cost per equivalent unit of production of Direct Material and Conversion Cost, respectively?

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.