Exercise 8-25 (Algo) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 67,500 units. Transferred out, 64,500 units. Ending inventory, 32,250 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: Compute the equivalent units for materials using FIFO. Compute the equivalent units for conversion costs using FIFO.