WA & FIFO EUP

Ramos Corp. uses a process costing system to assign costs to its steel production. During March, Ramos had beginning Work in Process Inventory of $252,000$ tons of steel $(100$ percent complete as to material and $65$ percent complete as to conversion$).$ During the month, the raw material needed to produce $4,760,000$ tons of steel was started in process. At month$-$end, $231,000$ tons remained in WIP Inventory $(100$ percent complete as to material and $40$ percent complete as to conversion$).$

a$.$ Compute the total units to account for. $$ b$.$ Determine how many units were started and completed. $$

c$.$ Determine the equivalent units of production using the weighted average method.

$\backslash$table$[[$EU for materials,$4991000],[$EU for conversion,$4852400]]$

d$.$ Determine the equivalent units of production using the FIFO method.

$\backslash$table$[[$EU for materials,$4760000],[$EU for conversion,$4709600]]$

e$.$ Reconcile your answers to parts $($c$)$ and $($d$).$

Note: Use a negative sign to indicate amount in table is subtracted.

$\backslash$table$[[,$DM$,$CC$],[$WA EUP,,$],[,,],[$FIFO EUP,,$]]$

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