Exercise 8-19 Compute Equivalent Units: FIFO Method (LO 8-1,5) 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, 237,000 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. Equivalent units (gallons) b. Compute the equivalent units for conversion costs using FIFO. Equivalent units (gallons)