Easy 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:
a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of ending work in process inventory.
d. Determine the cost of units transferred out of the department during the month.
Definitions:
Independent Variables
Variables that are manipulated or categorized to determine their effect on dependent variables in an experiment or study.
Data Points
Individual pieces of factual information collected from measurements or observations, used for analysis or calculation in a study or survey.
Significance Level
A statistical measure that determines the threshold at which the null hypothesis of a test is rejected.
Critical Value
A point on the scale of the test statistic beyond which we reject the null hypothesis, and it depends on the chosen significance level.
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