Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 30,000 partially

Question:

Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
• Beginning inventory, 30,000 partially complete gallons.
• Transferred out, 157,500 gallons.
• (materials are 10 percent complete; conversion costs are 20 percent complete).
• Started this month, 180,000 gallons.
Required
a. Compute the equivalent units for materials using the weighted-average method.
b. Compute the equivalent units for conversion costs using the weighted-average method.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...