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For each of the following situations, use the FIFO method of process costing to determine the equivalent units of production for labor and overhead, assuming

For each of the following situations, use the FIFO method of process costing to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same percentage of completion:

Beginning WIP Inventory (40% complete) 14,000
Units started in production 490,000
Units transferred out 481,600
Ending WIP Inventory (70% complete) 22,400
EU of production Answer

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