Under the first-in,first-out (FIFO)method,the current period equivalent units of production for the units in the beginning inventory are always 100% complete.

Question

Quizplus · Accepted Answer

Under the FIFO method, the units in the beginning inventory are considered in their state of completion at the start of the period. The current period's equivalent units of production only account for the work done during the current period to complete those units, not for the work done in previous periods.

Under the First-In,first-Out (FIFO)method,the Current Period Equivalent Units of Production