We have designed and tested a parallel 8-bit ERSFQ arithmetic logic unit (ALU). The ALU design employs wave-pipelined instruction execution and features modular bit-slice architecture that is easily extendable to any number of bits and adaptable to current recycling. A carry signal synchronized with an asynchronous instruction propagation provides the wave-pipeline operation of the ALU. The ALU instruction set consists of 14 arithmetical and logical instructions. It has been designed and simulated for operation up to a 10 GHz clock rate at the 10-kA/cm2 fabrication process. The ALU is embedded into a shift-register-based high-frequency testbed with on-chip clock generator to allow for comprehensive high frequency testing for all possible operands. The 8-bit ERSFQ ALU, comprising 6840 Josephson junctions, has been fabricated with MIT Lincoln Lab's 10-kA/cm2 SFQ5ee fabrication process featuring eight Nb wiring layers and a high-kinetic inductance layer needed for ERSFQ technology. We evaluated the bias margins for all instructions and various operands at both low and high frequency clock. At low frequency, clock and all instruction propagation through ALU were observed with bias margins of +/-11% and +/-9%, respectively. Also at low speed, the ALU exhibited correct functionality for all arithmetical and logical instructions with +/-6% bias margins. We tested the 8-bit ALU for all instructions up to 2.8 GHz clock frequency.