Question - Beginning inventory, 12,000 (50 percent complete with respect to materials and 30 percent complete with respect to conversion costs).
Transferred out, 63,000 gallons.
Ending inventory (materials are 20 percent complete; conversion costs are 10 percent complete).
Started this month, 72,000 gallons.
a) Compute the equivalent units for materials using FIFO.
b) Compute the equivalent units for conversion costs using FIFO.