Lenning Corporation uses the first-in, first-out method in its process costing. The following data pertain to its Assembly Department for August.
Required:Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the first-in, first-out method.

First-In, First-Out Method

An inventory valuation method where goods are sold in the order they are acquired or manufactured.

Equivalent Units

A concept in cost accounting used to assign a cost to partially completed goods, converting them into the amount of completed units' costs.

Conversion Costs

The costs directly associated with converting raw materials into finished products, typically including labor and manufacturing overhead.