Fryer IncUses the FIFO Method in Its Process Costing System $\text {Work in process, beginning:}$

question 48

Essay

Fryer 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. $\text {Work in process, beginning:}$
$\begin{array}{llcc} \text {Units in process........................................................... } &200\\ \text { Percent complete with respect to materials................. } &60\%\\ \text { Percent complete with respect to conversion............... } &20\%\\ \text {Units completed and transferred out during June........ } &15,000\\\end{array}$


$\text {Work in process, ending:}$
$\begin{array}{llcc} \text {Units in process................................................. } &700\\ \text { Percent complete with respect to materials......} &90\%\\ \text { Percent complete with respect to conversion.... } &80\%\\\end{array}$
Required:
Using the FIFO method,determine the equivalent units of production for materials and conversion costs.

---

Definitions:

UCC

All commercial exchanges in the United States are regulated by the comprehensive legal framework known as the Uniform Commercial Code.

Third Party

An entity that is not directly involved in a legal transaction or agreement but may be affected by it or have an interest in it.

Negotiable

Refers to a document or contract containing a promise to pay a specified amount, which can be transferred or sold to another party.

Instrument

A legal document formally expressing a certain action, decision, or obligation.