A Company's January 1 Goods in Process Inventory Contained 30,000

Essay

A company's January 1 goods in process inventory contained 30,000 units that were 1/4 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 left 1/5 complete. Using FIFO, calculate the equivalent units of production for the year.