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Conlon Chemicals manufactures paint thinner. Information on the work in the process follows: Beginning inventory, 40,000 partially complete gallons. Transferred out, 205,000 gallons. Ending inventory

Conlon Chemicals manufactures paint thinner. Information on the work in the 

process follows:

  • Beginning inventory, 40,000 partially complete gallons.
  • Transferred out, 205,000 gallons.
  • Ending inventory (materials are 21 percent complete; conversion costs are 9 percent complete).
  • Started this month, 240,000 gallons.

Assume that beginning inventory is 50 percent complete with respect to materials and 31 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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