Reference no: EM132790797

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:

Work in process, beginning:

Units in process         800
Stage of completion with respect to materials    70%
Stage of completion with respect to conversion 50%
Units started into production during the month  22,000
Work in process, ending:
Units in process     300
Stage of completion with respect to materials     80%
Stage of completion with respect to conversion    70%

Required:

Problem 1: 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.