At Crenshaw Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion, and production data for its Painting Department in selected months are as follows: 
Instructions
(a) Compute the physical units for July.
(b) Compute the equivalent units of production for materials and conversion costs for September.
Definitions:
Owners' Equity
The residual interest in the assets of a company after deducting liabilities, representing the ownership stake of the shareholders.
Balance Sheet
A financial statement that provides a snapshot of a company’s financial condition at a specific moment in time, showing assets, liabilities, and shareholders' equity.
Stock Dividend
A distribution of additional shares of a company's stock to its shareholders instead of cash.
Common Stock
A type of security that signifies ownership in a corporation and represents a claim on part of the company’s profits.
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