Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory,...
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Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 37,000 partially complete gallons. Transferred out, 207,000 gallons. Ending inventory (materials are 20 percent complete; conversion costs are 9 percent complete). Started this month, 242,000 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.
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