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Conlon Chemicals manufactures paint thinner. Information on the work in process follows: -Beginning inventory, 36000 partially complete gallons -Transferred out, 213000 gallons -Ending Inventory (materials
Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
-Beginning inventory, 36000 partially complete gallons
-Transferred out, 213000 gallons
-Ending Inventory (materials are 22 percent complete; conversion costs are 11 percent complete.)
-Started this month, 243000 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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Step: 1
a Equivalent units for materials using FIFO Beginning inventory Units 36000 gallons Percent ...
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