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Assume a company uses process costing and applies the FIFO method to compute the equivalent units of production. The equivalent units produced are calculated as
Assume a company uses process costing and applies the FIFO method to compute the equivalent units of production. The equivalent units produced are calculated as follows: Equivalent units to complete beginning work-in-progress inventory + Units started and finished during the period + Equivalent units in ending work-in-progress inventory.
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