Assuming a FIFO method of process costing (for both of the following situations), determine the equivalent units of production for labor and overhead. a. Beginning WIP Inventory (30% complete) 40,000 Units started in production 480,000 Units transferred out ? Ending WIP Inventory (70% complete) 26,000 b. Beginning WIP Inventory (45% complete) 10,000 Units started in production 350,000 Units transferred out 344,000 Ending WIP Inventory (60% complete) 16,000

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A: 1.

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A: The question is based on the concept of Cost Accounting.

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A:

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.