When using the first-in, first-out (FIFO) method of process costing, equivalent units for work done during this period is equal to the number of units: In work-in-process at the beginning of the period times the percent of work necessary to complete the items, plus the number of units started and completed during the period, plus the number of units remaining in work-in-process at the end of the period times the percent of work done during the period. Started into process during the period, plus the number of units in work-in-process at the beginning of the period. In work-in-process at the beginning of the period, plus the number of units started during the period, plus the number of units remaining in work-in-process at the end of the period times the percent of work necessary to complete the items. Transferred out during the period, plus the number of units remaining in work-in-process at the end of the period times the percent of work necessary to complete the items.

In work-in-process at the beginning of the period times the percent of work necessary to complete the items, plus the number of units started and completed during the period, plus the number of units remaining in work-in-process at the end of the period times the percent of work done during the period

Explanation:

Under the FIFO following are the formulas needed for determining the equivalent unit of production. Any of the following formula should be used for calculated the same

(i) Equivalent Units of Production is

=  finish opening inventory units + units started & completed + closing work in process inventory  units

(ii) Equivalent Units of Production is

= opening inventory × (100% - Completion percentage of opening inventory) + Units started & completed + Closing work in process inventory × Completion percentage

(iii) Equivalent units of production is

= transferred out units + closing work in process inventory units − opening inventory units

Hence, the first option is correct

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