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I need help on question 4(FIFO Method) Required information SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process
I need help on question 4(FIFO Method)
Required information SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 6-2, 6-4, 6-5] [The following information applies to the questions displayed below.] 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) Direct materials Conversion cost 32,200 units $ 49,000 $ 67,000 Number of units started 95,800 units April costs Direct materials Conversion cost $ 136,600 $ 202,600 Work in process, April 30 (100% complete for materials, 20% for conversion) 49,000 units E3-10 (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Co Process (FIFO) (LO 6-2, 6-5) 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. 7. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the cost per equivalent unit. (Round cost per Equivalent Unit to 5 decimal places.) Direct Materials Conversion Cost per Equivalent Unit $ 1.42589 $ 2.66860 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and your final answers to the nearest whole dollar amount.) Current Period Costs Prior Period Costs Direct Materials Conversion Total Cost $ 114,550 Beginning Inventory Started and Completed $ 71,050 Ending Inventory Total Cost Accounted for $ $ 185,600 $ 0 $ 0 $ 0Step by Step Solution
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