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Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 41,000 partially complete gallons....
Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
• Beginning inventory, 41,000 partially complete gallons.
• Transferred out, 215,000 gallons.
• Ending inventory (materials are 18 percent complete; conversion costs are 10 percent complete).
• Started this month, 242,000 gallons.
Assume that beginning inventory is 50 percent complete with respect to materials and 31 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.
