Compute Equivalent Units—FIFO Method: A company's records show the following information concerning the work in process in a chemical plant:

1. Beginning inventory—12,000 units (materials are 20 percent complete; conversion costs are 30 percent complete).

2. Transferred out—34,000 units.

3. Ending inventory —(materials are 10 percent complete; conversion costs are 15 percent complete).

4. Started this month—42,000 units.

Required:

a. Compute the equivalent units for materials using FIFO.

b. Compute the equivalent units for conversion costs using FIFO.