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

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Accounting

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

  • Beginning inventory, 41,000 partially complete gallons.
  • Transferred out, 209,000 gallons.
  • Ending inventory (materials are 19 percent complete; conversion costs are 10 percent complete).
  • Started this month, 237,000 gallons.

Assume that beginning inventory is 50 percent complete with respect to materials and 30 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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