The Bottling Department of Mountain Springs Water Company had 5,000 liters in beginning work in process inventory
(20% complete). During the period, 58,000 liters were completed. The ending work in process inventory was 3,000 liters
(90% complete). What are the equivalent units for conversion costs under the FIFO method?

Conversion Costs

Costs required to transform raw materials into finished products, combining direct labor and manufacturing overhead.

FIFO Method

"First in, first out," an inventory valuation method that assumes goods are sold in the order they were acquired or produced.

Beginning Work

Refers to the initial stages or processes of starting a project, task, or job in a business or manufacturing setting.