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6. If a department that applies FIFO process costing starts the reporting period with 50,000...

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Accounting

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6. If a department that applies FIFO process costing starts the reporting period with 50,000 physical units that were 25% complete with respect to direct materials and 40% complete with respect to conversion, it must add 12,500 equivalent units of direct materials and 20,000 equivalent units of direct labor to complete them. a. True b. False

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