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, 40% for conversion) 30,700 units Direct materials $ 47,500 Conversion cost $ 65,500 Number of units started 94,300 units April costs Direct materials $ 135,100 Conversion cost $ 201,100 Work in process, April 30 (100% complete for materials, 20% for conversion) 47,500 units Required: Using the FIFO method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process.
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, 40% for conversion) 30,700 units Direct materials $ 47,500 Conversion cost $ 65,500 Number of units started 94,300 units April costs Direct materials $ 135,100 Conversion cost $ 201,100 Work in process, April 30 (100% complete for materials, 20% for conversion) 47,500 units Required: Using the FIFO method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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, 40% for conversion) | 30,700 | units | |
| Direct materials | $ | 47,500 | |
| Conversion cost | $ | 65,500 | |
| Number of units started | 94,300 | units | |
| April costs | |||
| Direct materials | $ | 135,100 | |
| Conversion cost | $ | 201,100 | |
| Work in process, April 30 | |||
| (100% complete for materials, 20% for conversion) | 47,500 | units | |
Required:
Using the FIFO method of
1. Reconcile the number of physical units worked on during the period.
2. Calculate the number of equivalent units.
3. Calculate the cost per equivalent unit.
4. Reconcile the total cost of work in process.
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