Process costing( FIFO and Weighted Average method)

Case 1

Ridgeway Co. has provided the following information:

Work in Process, April 1: 4,000 units

(100%) complete for materials, 90% complete for conversion)

Materials : $16,700

Conversion: $ 17,000

Unit Started : 81,000 units

February Cost

Materials: $ 349,650

Conversion: $ 375,375

Work in process, April 30: 11,000 units

(70% complete for materials, 10% complete for conversion)

Using the weighted average method of process costing, complete each of the following:

a. How many units were completed and transferred to Finished Goods?

b. Calculate equivalent units.

c. Calculate cost per equivalent unit. Round your answers to four decimal places.

d. What is the dollar amount transferred to Finished Goods? Round your answer to a whole dollar amount.

e. Calculate the cost of the ending Work in Process. Round your answer to a whole dollar amount.

Case 2

Sierra Co. has provided the following information:

Work in Process, Feb. 1: 25,000 units

(100% complete for materials, 60% complete for conversion)

Materials : $ 35,000

Conversion: $ 43,000

Units Started: 80,000 units

February costs:

Materials: $ 120,000

Conversion: $ 234,000

Work in Process, Feb. 28 : 15,000 units

(100% complete for materials, 20% complete for conversion)

Using the FIFO method of process costing, complete each of the following:

a. How many units were completed and transferred to Finished Goods?

b. Calculate equivalent units.

c. Calculate cost per equivalent unit.

d. What is the dollar amount transferred to Finished Goods?

e. Calculate the cost of the ending Work in Process.

Answer rating: 100% (QA)

Case 1 Weighted Average Method a Units completed and transferred to Finished Goods Work in Process A... View the full answer