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Exercise 8-19 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Conlon Chemicals manufactures paint...

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Exercise 8-19 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 36,000 partially complete gallons. Transferred out, 210,000 gallons. Ending inventory (materials are 19 percent complete; conversion costs are 9 percent complete) Started this month, 245,000 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) Materials . b. Conversion costs

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