The FIFO costing method is one of the methods used to calculate equivalent units in process costing.

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The FIFO costing method is one of the methods used to calculate equivalent units in process costing. It involves assigning the cost of the earliest units produced to the first units completed and transferred out of the process, and the cost of the latest units produced to the ending work in process inventory. This method assumes that the units completed and transferred out are from the earliest costs and the units in ending inventory are from the latest costs.

The FIFO Costing Method Is One of the Methods Used