Exercise 8-19 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1,5) Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 39,000 partially complete gallons. Transferred out, 209,000 gallons. Ending inventory (materials are 20 percent complete; conversion costs are 8 percent complete). Started this month, 235,000 gallons. Assume that beginning inventory is 50 percent complete with respect to materials and 29 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. Equivalent Units (gallons) a. Materials b. Conversion costs