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Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
- Beginning inventory, 41,000 partially complete gallons.
- Transferred out, 209,000 gallons.
- Ending inventory (materials are 19 percent complete; conversion costs are 10 percent complete).
- Started this month, 237,000 gallons.
Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs.
Required:
a. Compute the equivalent units for materials using FIFO.
b. Compute the equivalent units for conversion costs using FIFO.
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