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 216,000 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 4,080,000 tons of steel was started in process. At month-end, 198,000 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. 4,296,000 b. Determine how many units were started and completed. 3,882,000 c. Determine the equivalent units of production using the weighted average method. EU for materials 4,296,000 ✓ EU for conversion 4,177,200✔ d. Determine the equivalent units of production using the FIFO method. EU for materials 4,080,000✔ EU for conversion 3,745,200 x e. Reconcile your answers to parts (c) and (d). Note: Use a negative sign to indicate amount in table is subtracted. DM CC WA EUP Equivalent units in Bl FIFO FUP ♦ ✓ 0x 0x 0x 0 x 0 x 0

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 216,000 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 4,080,000 tons of steel was started in process. At month-end, 198,000 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. 4,296,000 b. Determine how many units were started and completed. 3,882,000 c. Determine the equivalent units of production using the weighted average method. EU for materials 4,296,000 ✓ EU for conversion 4,177,200✔ d. Determine the equivalent units of production using the FIFO method. EU for materials 4,080,000✔ EU for conversion 3,745,200 x e. Reconcile your answers to parts (c) and (d). Note: Use a negative sign to indicate amount in table is subtracted. DM CC WA EUP Equivalent units in Bl FIFO FUP ♦ ✓ 0x 0x 0x 0 x 0 x 0

Name: A-2 WA & FIFO EUPRamos Corp. uses a process costing system to assign c
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Description: A-2 WA & FIFO EUPRamos Corp. uses a process costing system to assign costs to its steel production. During March, Ramos had beginning Work in Process Inventory of 216,000 tons of steel (100 percentcomplete as to material and 65 percent complete as to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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