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Ridgecrest Company manufactures plastic storage crates and has the following information available for the month of...

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Accounting

Ridgecrest Company manufactures plastic storage crates and hasthe following information available for the month of April: Work inprocess, April 1 (100% complete for materials, 47% for conversion)23,600 units Direct materials $ 20,000 Conversion cost $ 23,000Number of units started 49,400 units April costs Direct materials $61,800 Conversion cost $ 98,800 Work in process, April 30 (100%complete for materials, 22% for conversion) 17,000 units Required:Using the weighted-average method of process costing, complete eachof the following steps: 1. Reconcile the number of physical unitsworked on during the period. 2. Calculate the number of equivalentunits. 3. Calculate the cost per equivalent unit. (Round youranswers to 5 decimal places.) 4. Reconcile the total cost of workin process. (Use Cost per Equivalent Unit rounded to 5 decimalplaces and your final answers to the nearest whole dollaramount.)

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4.2 Ratings (539 Votes)

1
Physical units Physical units
Beginning Units 23600 Units Completed 56000
Units Started 49400 Ending Units 17000
Total units 73000 Total units 73000
2
Equivalent units of production (EUP)­ weighted average method
Physical units Direct Materials Conversion
Units completed and transferred out 56000 56000 56000
Ending goods in process ­ units 17000 17000 3740
Total units 73000 73000 59740
3
Cost per equivalent unit of production: Direct Materials Conversion
Costs of beginning work in process 20000 23000
Costs incurred this period 61800 98800
Total costs 81800 121800
÷ Equivalent units of production 73000 59740
Cost per equivalent unit of production 1.12055 2.03883
4
Total costs accounted for: Direct Materials Conversion Total cost
Units Completed 62751 114174 176925
Ending Inventory 19049 7625 26674
Total Cost Accounted for 81800 121799 203599

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