Beginning Work-in-Process is 3,350 units; 66,600 units completed, and ending Work-in-Process is 5,450 units, which are 100% complete for direct materials and 50% complete for conversion costs. The beginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion.   Required: 1. What are the equivalent units for materials and conversion using the weighted-average method? 2. What are the equivalent units for materials and conversion using the FIFO method?

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.