Under FIFO,to calculate the number of equivalent units,ask yourself: What did we do during the ________ period to get beginning inventory from x% to y% complete and what did we do during the ________ period to get ending inventory to z% complete?
A)current,current
B)current,prior
C)prior,current
D)prior,prior

Question

Quizplus · Accepted Answer

Under FIFO, the focus is on what was done during the current period. This includes both completing the beginning inventory from its previous percentage to 100% and advancing the ending inventory to its current percentage of completion.

Under FIFO,to Calculate the Number of Equivalent Units,ask Yourself: What