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Conlon Chemicals manufactures paint thinner. Information on the work in the process follows: Beginning...

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Accounting

Conlon Chemicals manufactures paint thinner. Information on the work in the process follows:

  • Beginning inventory, 35,000 partially complete gallons.
  • Transferred out, 208,000 gallons.
  • Ending inventory (materials are 21 percent complete; conversion costs are 10 percent complete).
  • Started this month, 241,000 gallons.

Assume that beginning inventory is 50 percent complete with respect to materials and 29 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.

Equivalent units (gallons)

a. Materials

b. conversion costs

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