Compute Equivalent Units: FIFO Method
Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April:
|
Beginning work in process (40% complete)
|
45,000
|
|
Started in April
|
510,000
|
|
Completed in April and transferred out
|
480,000
|
|
Ending work in process (70% complete)
|
75,000
|
Required
Compute the equivalent units for the conversion cost calculation.