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. 
Required:
Using the FIFO method, determine the equivalent units of production for materials and conversion costs.
Definitions:
Semiannually
Occurring twice a year, typically every six months, often used in the context of interest or dividend payment schedules or reporting periods.
Annual Interest Rate
The percentage rate charged or paid over a year for borrowing or saving money.
Present Value
The current value of a future amount of money or stream of cash flows given a specified rate of return, used in discounting to assess investment opportunities.
Compounded Quarterly
Compounded quarterly refers to the calculation of interest on the initial principal and the accumulated interest over previous periods every quarter.
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