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Process costing-FIFO

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You use process costing. In dept b, units transferred in from dept a are added at the beginning of the process, additional materials are added all at once when the process is 70% completed and conversion costs are added uniformly and continuously during the process. On Oct 1 in dept b, beginning inventory is 50 units which are 30% completed. 3000 units are transferred from dept a during the month. the ending inventory is 400 units which are 60% completed. Calculate equivalent units completed for each of the 3 inputs using FIFO process costing.

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Solution Summary

Equivalent production units are examined using the FIFO method.

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