Question

Richards Corporation uses the FIFO method of process costing. The following

Answer 1

If Richards Corporation uses the FIFO method of process costing. The  equivalent units of materials is 294,000.

Equivalent unit of material (FIFO)

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.

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