If Richards Corporation uses the FIFO method of process costing. The equivalent units of materials is 294,000.
<h3>Equivalent unit of material (FIFO) </h3>
Using this formula
Equivalent unit of material (FIFO) =[(Beginning inventory×Percentage complete)+Units started and complete+ (Ending inventory× Percentage complete as to materials)]
Let plug in the formula
Equivalent unit of material (FIFO) = [80,000×40%+250,000+30,000×40%]
Equivalent unit of material (FIFO) = 32,000+250,000+12,000
Equivalent unit of material (FIFO) = 294,000
Therefore the equivalent units of materials is 294,000.
Learn more about equivalent units of materials here:brainly.com/question/18095329
#SPJ1
