Question
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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Fundamentals of Cost Accounting
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