Calculate the interest expense as of the first semi-annual interest payment.

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Chapter 9, Problem 10SSQ

To determine

Calculate the interest expense as of the first semi-annual interest payment.

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On May 1, 2020, Jolie Corporation has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month, 35,800 units were started. At the end of the month, all started units were 75% complete with respect to conversion. Direct Materials placed into production had a total cost of $286,400, and the total conversion cost for the month was $429,600. Jolie Corporation uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of May. (Round the answer to the nearest cent.)