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Kronk, Incorporated provides the following information concerning the work in process at its plant:
Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete).
Started this month, 65,500 units.
Transferred out, 62,500 units.
- Ending inventory, 31,250 units (materials are 100 percent complete; conversion costs are 60 percent complete).
Required:
- Compute the equivalent units for materials using FIFO.
- Compute the equivalent units for conversion costs using FIFO.
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