Conlon Chemicals manufactures paint thinner.
Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
• Beginning inventory, 43,200 partially complete gallons.
• Transferred out, 213,600 gallons.
• Ending inventory (materials are 22 percent complete; conversion costs are 11 percent complete).
• Started this month, 238,800 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.