From the following details, you are required to ascertain the equivalent production using (i) First in first out (FIFO) method; and (ii) Average cost method: Opening work-in-progress: 5,000 units Degree of completion: Ma

From the following details, you are required to ascertain the equivalent production using (i) First in first out (FIFO) method; and (ii) Average cost method: Opening work-in-progress: 5,000 units Degree of completion: Materials: 80% Labour: 60% Overheads: 60% Units introduced into the process: 20,000 units Closing work-in-progress: 7,500 units Degree of completion: Materials: 80% Labour: 60% Overheads: 60% Assume that there is no process losses.