Compute the equivalent units for materials using FIFO

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Reference no: EM131858359

Question: Conlon Chemicals manufactures paint thinner. Information on the work in process follows:

• Beginning inventory, 41,000 partially complete gallons.

• Transferred out, 206,000 gallons.

• Ending inventory (materials are 20 percent complete; conversion costs are 9 percent complete).

• Started this month, 244,000 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.

Reference no: EM131858359

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