Problem
Answer the following question with all of the calculations so that I can study it further. Thanks in advance!
Company A has provided the following information:
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Costs from Beginning Inventory
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Costs from Current Period
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Direct Materials
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$2,000
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$22,252
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Conversion Costs
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$6,200
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$150,536
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At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% completed as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method.
Calculate the equivalent units of production for direct materials and conversion costs, respectively.