Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 36,000 partially
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Question:
Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
• Beginning inventory, 36,000 partially complete gallons.
• Transferred out, 213,000 gallons.
• Ending inventory (materials are 22 percent complete; conversion costs are 11 percent complete).
• Started this month, 236,000 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.
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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