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.