Direct Material 1		Direct Material 2		Conversion costs
	% Complete	Physical units	Total $	Equivalent units	$	Equivalent units	$	Equivalent units	$
Beginning balance WIP	30%	3,000	$7,000	3,000	$6,000	-	$0	900	$1,000
Units started (current costs)		9,000	$33,600	9,000	$12,800	12,000	$9,800	10,100	$11,000
Total to account for		12,000	$40,600	12,000	$18,800	12,000	$9,800	11,000	$12,000
Equivalent cost rates
Units completed/Transferred out (COGM)		7,000		7,000		7,000		7,000
Ending balance WIP	80%	5,000		5,000		5,000		4,000
Total to account for		12,000		12,000		12,000		11,000

Above is a partially completed process costing template that you can also download in excel Download download in excel

Assuming the company uses the FIFO method, calculate the equivalent cost rate of Direct Material 1

Enter your final answer to 2 decimal places.