Question: 1. Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
• Beginning inventory, 41,200 partially complete gallons.
• Transferred out, 208,100 gallons.
• Ending inventory (materials are 19 percent complete; conversion costs are 10 percent complete).
• Started this month, 244,500 gallons.
Required: a. Compute the equivalent units for materials using the weighted-average method. Equivalent units (gallons)?
b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent units (gallons)?
2. Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
• Beginning inventory, 35,000 partially complete gallons.
• Transferred out, 214,000 gallons.
• Ending inventory (materials are 22 percent complete; conversion costs are 10 percent complete).
• Started this month, 239,000 gallons.
Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs
Required: a. Compute the equivalent units for materials using FIFO. Equivalent units (gallons)?
b. Compute the equivalent units for conversion costs using FIFO. Equivalent units (gallons)?