Equivalent Units and Cost per Equivalent Units

Question 1

Equivalent Units using FIFO Method (3 steps)

Answer 1

Beginning WIP x % to be completed
+ Units completed minus beginning WIP
+ Ending WIP x % completed

Question 2

Equivalent Units using Weighted Average Method (2 steps)

Answer 2

Units Completed (100%)
\+ Ending WIP x % Completed

Question 3

Cost Per Equivalent Units FIFO

Answer 3

Current Cost Only/Equivalent Units

Question 4

Cost Per Equivalent Units Weighted Average

Answer 4

(Beginning Cost + Current Cost)/Equivalent Units