Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 40,000...
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Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 40,000 partially complete gallons. Transferred out, 206,000 gallons. Ending inventory (materials are 19 percent complete; conversion costs are 8 percent complete). Started this month, 236,000 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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