The Bottling Department of Mountain Springs Water Company had 4,000 liters in beginning work in process inventory
(40% complete). During the period, 66,000 liters were completed. The ending work in process inventory was 3,000 liters
(70% complete). Using the FIFO method, what are the equivalent units for conversion costs?

Conversion Costs

Costs incurred to convert raw materials into finished products, typically including direct labor and manufacturing overhead.

FIFO Method

"First In, First Out," an inventory valuation method where the first items purchased or manufactured are the first ones sold.

Beginning Work

Typically refers to the initial stages of a process or the starting inventory levels in manufacturing or production.