Question: I need a full written answer and explanation please. Thank you Part A: ( 1 2 . 5 Marks ) Weighted Average Method Ronlon Parts,
I need a full written answer and explanation please. Thank you
Part A: Marks Weighted Average Method
Ronlon Parts, Inc., manufactures bumpers plastic or metal, depending on the plant for automobiles. Each bumperpasses through three processes: Molding, Drilling, and Painting. In August, the Molding Department of the Oklahoma City plant reported the following data:
a In Molding,all direct materials ate added at the beginning ofthe process,
b Beginning workin process consisted of units, percent complete with respect to direct labor and overhead. Costs in beginning inventory included direc materials, $; and conversion costs, $
c Costs added to production during the month were direct materials, $;
and conversion costs, $
d At the end of the month, units were transferred out to Drilling, leaving
units in ending workin process, percent complete.
Required:
Prepate a physical flow schedule.
Calculate equivalent units of production for direct materials and conversion costs.
Compute unit cost.
Calculate the cost of goods transferred to Drilling at the end of the month. Calculate the cost of ending inventory.
Part B: Marks: FIFO Method
Ranlon Parts Mc
Refer to the data in Ranlon Parts INC. Assume that the FIFO method is used.
Required:
Prepare a physical flow schedule.
Calculate equivalent units of production for direct materials and conversion costs.
Compute unit cost.
Calculate the cost of goodstransferred to Drilling at the end of the month,
Calculate the cost of ending inventory.
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