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, 74,000 units. - Transferred out, 71,000 units. - Ending inventory, 35,500 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO