A company's January 1 Work in Process inventory contained 30,000 units that were 25% complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were 30% complete. Calculate the equivalent units of production for the year using the FIFO method.
What will be an ideal response?
| ? | Units | Percent of work performed | Equivalent Units |
| Beginning Work in Process……… | 30,000 | 75% | 22,500 |
| Started and completed…………… | 80,000 | 100% | 80,000 |
| Ending Work in Process………… | 40,000 | 30% | 12,000 |
| Total……………………………… | ? | ? | 114,500 |
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