Velasco Productions has provided the following information for the year: Direct Labor $ 153 comma 000 Beginning Work-in-Process Inventory 63 comma 000 Direct Materials Used 271 comma 000 Ending Work-in-Process Inventory 53 comma 350 Manufacturing Overhead 133 comma 000 During the year, Velasco produced 74 comma 860 units of product. Calculate the unit product cost. (Round your answer to the nearest cent.)

7.6 unit product cost

Explanation:

Beginning Work-in-Process Inventory63000

Add: Direct Materials Used              271000

Add: Direct Labor                          153000

Add: Manufacturing Overhead133000

Total cost of work in process620000

Less: Ending Work-in-Process Inventory53350

Cost of Goods Manufactured               566650

Divide by Units produced               74860

Unit Product cost 7.57

Note: Direct labor and the direct materials that have been are to be added and the manufacturing cost is to be added while calculating the total cost of work in progress. Cost of goods manufactured is to be divided by the units produced to get the unit product cost.

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