3. Assign costs to units transferred out and EWIP using the FIFO method. Cost of goods transferred out Cost of ending work in process X X Feedback Check My Work 1. Equivalent units = BWIP (% completed )+ Units started and completed + EWIP (% started but not completed ) 2. Cost per unit = Costs added / Equivalent units 3. Cost of goods transferred out = Cost from BWIP (carried over) + BWIP \% completed (Equivalent units x Unit cost) + Started and completed (Units x Unit cost) Cost of EWIP = Equivalent units EWIP x Unit cost Review the "How to Calculate Output and Cost Assignments: First-In, First-Out Method" example in your text