Tip Top Painting Company has the following production data for January: . Beginning work in process, O units . Units transferred out, 35,000 . Units in ending work in process, 10,000, which are 30% complete for conversion costs Materials are added only at the beginning of the process. Compute equivalent units of production for both materials and conversion costs. Equivalent Units QUANTITIES Physical Units Materials Conversion Costs Units to be accounted for Work in process, January 1 Started into production Total units Units accounted for Transferred out Work in process, January 31 Total units