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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:
WIP ,BEGINNING.
unit in process 800
stage of completion with respect to material 70%
stage of completion with respect to conversion 50%
units started into production during the month 22000
WIP ,ENDING
unit in process. 300
stage of completion with respect to material 80%
stage of completion with respect to conversion. 70%
Required:
Question 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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