value: 3.57 points The production department in a process manufacturing system completed 80,000 units of product and transferred them to finished goods during a recent period. Of these units, 24,000 were in process at the beginning of the period. The other 56,000 units were started and completed during the period. At period end, 16,000 units were in process. Prepare the department's equivalent units of production with respect to direct materials under each of the three separate assumptions using the FIFO method for process costing Answer is complete but not entirely correct Equivalent Units of Production (EUP-FIFO Method 1. All direct materials are added to products when processing begins EUP Materials Units Materials To complete beginning work in process Units started and completed Ending work in proces:s Total EUP 24,000 56,000 100% 56,000 o 16,000 100% 96,000 0% 0 16,000 72,000 2, Beginning inventory is 40% complete as to materials and conversion costs. Ending inventory is 75% complete as to materials and conversion costs