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Ophelia 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 800Stage 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 300Stage 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.
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