Ridgecrest Company manufactures plastic storage crates and has the following inf
ID: 2343040 • Letter: R
Question
Ridgecrest Company manufactures plastic storage crates and has the following information available for the month of April: Work in process, April 1 (100% complete for materials, 44% for conversion) 26,600 units Direct materials Conversion cost 14,000 $26,CIOD Number of units startad 18,400 units oril costs Direct materials Conversion cast $ 74,800 $ 101,800 Work in precess, Acpril 30 (100% complete for materials, 20% for conversion) 20,000 units Required: Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. Physical Units Physlcal Units Beginning Units Urits Slarted Total Units Units Completed Ending Uriits Total Units 2. Calculate the number of equivalent units. Equlvalent Units Physical Units Direct Materials Conversion Units Completed Ending Inventory Total Units 3. Calculate the cost per equivalent unit. Round your answers to 5 decimal places.) Direct Materials Conversion Ccst per Fquvalent Unit 4. Recondlle the total cost of work In process. (Use Cost per Equlvalent Unlt rounded to 5 declmal places and your final answers to the nearest whole dollar amount.) Direct Materials Conversion Total Cost Units Completed Ending Inventory lotal Cast Acrounted torExplanation / Answer
Answer
Units Reconciliation
Physical Units
Physical Units
Beginning units
26,600
Units completed
55,000
Units started
48,400
Ending units
20,000
Total Units to account for
75,000
Total Units accounted for
75,000
Working
EUP - Weighted Average Method
Units
% Material
EUP Materials
% Conversion
EUP - Conversion
Units TRANSFERRED
55,000
100%
55,000
100%
55,000
Units of ENDING WIP
20,000
100%
20,000
20%
4,000
Equivalent Units of Production
75,000
59,000
Answer
EUP - Weighted Average Method
Physical Units
Direct Material
Conversion
Units Completed
55,000
55,000
55,000
Ending Inventory
20,000
20,000
4,000
Total Units
75,000
75,000
59,000
Working and Answer
COST per EUP
Material
Conversion
Cost of Beginning WIP
$ 14,000.00
$ 26,000.00
Cost incurred during the period
$ 74,800.00
$ 101,800.00
Total Costs
Costs
$ 88,800.00
Costs
$ 127,800.00
Equivalent units of production
EUP
75,000
EUP
59,000
Cost per EUP
$ 1.18400 =Answer for material
$ 2.16610 = Answer for Conversion
Working
TOTAL COST ACCOUNTED FOR
Cost of Units Transferred Out
EUP
Cost per EUP
Total Cost
- Direct Materials
55,000
$ 1.18400
$ 65,120.00
- Conversion
55,000
$ 2.16610
$ 119,135.59
Total Cost transferred Out
$ 184,255.59
Costs of Ending WIP:
EUP
Cost per EUP
Total Cost
- Direct Materials
20,000
$ 1.18400
$ 23,680.00
- Conversion
4,000
$ 2.16610
$ 8,664.41
Total cost of ending WIP
$ 32,344.41
Total costs accounted for
$ 216,600.00
Answer
Direct material
Conversion cost
Total
Units Completed
$ 65,120
$ 119,136
$ 184,256
Ending Inventory
$ 23,680
$ 8,664
$ 32,344
Total Cost accounted for
$ 216,600
Units Reconciliation
Physical Units
Physical Units
Beginning units
26,600
Units completed
55,000
Units started
48,400
Ending units
20,000
Total Units to account for
75,000
Total Units accounted for
75,000
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