Exercise 8-19 Compute Equivalent Units: FIFO Method (LO 8-1, 5)

Missouri Corporation shows the following information concerning the work in process at its plant:

Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 62 percent complete).

Started this month, 61,000 units.

Transferred out, 49,800 units.

Ending inventory, 21,700 units (materials are 100 percent complete; conversion costs are 14 percent complete).

Required:

(a)	Compute the equivalent units for materials using FIFO.

(b)	Compute the equivalent units for conversion costs using FIFO.