8.5 Valuing closing work in progress
　　WIP equivalent units （EUS）
　　Equivalent unit
　　The output for a period
　　● Completed product
　　● Work-in-process product
　　Equivalent units
　　Once processing has started on a unit of output, to the extent that it remains in an uncompleted state it can be expressed as a proportion of a completed unit.
　　Extension of the equivalent units approach
　　It is unlikely that all inputs to production will take place at the same time.
　　Materials are frequently added at the beginning of a process, and so any closing WIP will have 100% of their direct material content. For other cases, materials might be added gradually throughout the process, in which case closing inventory will only be a certain percentage complete as to material content.
　　Direct labour and production overheads are assumed to be incurred at an even rate throughout the process. When we refer to a unit that is 50% complete, we mean that it is half complete for labour and overhead, although it might be 100% complete for materials.
　　Example 6
　　Inputs = 1000 units at the total material cost of $6200, labour and overhead of $2850
　　Finished goods = 800 units
　　Closing WIP = 200 units, with 100% complete for materials and 25% complete for labour and overhead.
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