Question: Refer to QS and compute the total equivalent units of production with respect to labor for June using the FIFO inventory method.
QS: The following refers to units processed in Heath Printing's binding department in June. Compute the total equivalent units of production with respect to labor for June using the weighted-average inventory method.
Units of Percent of
Product Labor Added
Beginning goods in process . . . . . . . . . . . . 150,000 85%
Goods started . . . . . . . . . . . . . . . . . . . . . . 310,000 100
Goods completed . . . . . . . . . . . . . . . . . . . 340,000 100
Ending goods in process . . . . . . . . . . . . . . 120,000 25