The following information was taken from the ledger of Riley Co. Ending inventory is 60 % 60

The following information was taken from the ledger of Riley Co. Ending inventory is $60\%$ complete as to direct materials but $30\%$ complete as to conversion work.

Requirements 

1. Compute the equivalent units for direct materials and conversion costs.

2. Compute the cost per equivalent unit.

3. Assign the costs to units completed and transferred out and ending work in process inventory. 

Transcribed Image Text:

WORK IN PROCESS-FORMING Physical Physical Units Dollars Units Dollars Beginning inventory, June 30 -0- $ -0- Transferred to Finishing 72,000 $? Production started: 80,000 Direct materials $215,040 Conversion costs 148,800 Ending Inventory, July 31 8,000