Exercise 8-19 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1,5) Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 35,000 partially complete gallons. Transferred out, 211,000 gallons. Ending inventory (materials are 18 percent complete: conversion costs are 9 percent complete). Started this month, 237.000 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, b. Compute the equivalent units for conversion costs using FIFO. Equivalent Units (gallons) Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory. 42.800 partially complete gallons. Transferred out, 214,400 gallons. Ending inventory (materials are 19 percent complete: conversion costs are 10 percent complete). Started this month. 237.900 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units (gallons)