FIFO Inventory Method of Finding Equivalent Units

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What does FIFO stand for?

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1. The units that are currently in production multiplied by the percentage of those units that are complete or those that are in progress is called what?

2. Do you need the beginning inventory cost to calculate equivalent units?

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About This Quiz & Worksheet

This quiz was designed to test what you know about the FIFO method of finding units. Some questions deal with the process for performing calculations with this method.

Quiz & Worksheet Goals

Completing this quiz and worksheet will allow you to assess your knowledge regarding:

  • The meaning of FIFO
  • When the beginning inventory cost is needed for calculating equivalent units
  • Uses of equivalent units

Skills Practiced

Prepare to practice the following study skills with this quiz:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the FIFO method of finding equivalent units
  • Information recall - access the knowledge you've gained regarding the term for units currently in production multiplied by the percentage of those units that are complete or in progress
  • Critical thinking - apply relevant concepts to determine how to compute the cost per equivalent unit

Additional Learning

Find out even more about this method by completing the lesson that accompanies this quiz, titled FIFO Inventory Method of Finding Equivalent Units. Working on this lesson will allow you to increase your understanding of:

  • A formula to find equivalent units
  • Examples of how to perform this calculation
  • Production cost reports
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