Farwest Inc Required:
Using the FIFO Method,determine the Equivalent Units of Production

question 30

Essay

Farwest Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month:
$\begin{array}{|l|r|}\hline \text { Work in process, beginning: } & \\\hline \text { Units in process } & 800 \\\hline \begin{array}{l}\text { Stage of completion with respect to } \\\text { materials }\end{array} & 70 \% \\\hline \begin{array}{l}\text { Stage of completion with respect to } \\\text { conversion }\end{array} & 50 \% \\\hline \begin{array}{l}\text { Units started into production during the } \\\text { month }\end{array} & 22,000 \\\hline \text { Work in process, ending: } & \\\hline \text { Units in process } & 300 \\\hline \begin{array}{l}\text { Stage of completion with respect to } \\\text { materials }\end{array} & 80 \% \\\hline \begin{array}{l}\text { Stage of completion with respect to } \\\text { conversion }\end{array} & 70 \% \\\hline\end{array}$

Required:
Using the FIFO method,determine the equivalent units of production for materials and conversion costs by compiling the "Quantity Schedule and Equivalent Units" portion of the production report.

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Definitions:

Emile Durkheim

A French sociologist best known for his foundational work on social theory, who explored the complex relationship between individuals and society.

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical analysis of capitalism and his influence on the development of socialist thought.

Common Method

A widely accepted or utilized technique or approach within a specific field or discipline for achieving certain objectives or results.

Jumping

The action of propelling oneself into the air through the forceful extension of the legs, often used in sports, exercise, or as a means of bypassing obstacles.