The following data were taken from the accounting records of Abacus Company which uses the FIFO method in its process costing system: The equivalent units are:
A)Material,90,000 units;labor and overhead,89,000 units
B)Material,100,000 units;labor and overhead,91,000 units
C)Material,60,000 units;labor and overhead,53,000 units
D)Material,80,000 units;labor and overhead,79,000 units

Question

The following data were taken from the accounting records of Abacus Company which uses the FIFO method in its process costing system:  The equivalent units are:
A)Material,90,000 units;labor and overhead,89,000 units 
B)Material,100,000 units;labor and overhead,91,000 units 
C)Material,60,000 units;labor and overhead,53,000 units 
D)Material,80,000 units;labor and overhead,79,000 units

Quizplus · Accepted Answer

FIFO method
Units started and completed during the period = Units started into production during the period - Units in ending work in process inventory = 80,000 - 30,000 = 50,000
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The Following Data Were Taken from the Accounting Records of Abacus