Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ridgeway Co. has provided the following information: Work in Process: April 1 (100% complete for materials, 90% complete for conversion) Materials Conversion Units started
Ridgeway Co. has provided the following information: Work in Process: April 1 (100% complete for materials, 90% complete for conversion) Materials Conversion Units started February costs Materials Conversion Work in Process: April 30 (70% complete for materials, 10% complete for conversion) 4,000 units $16,700 $17,000 81,000 units $349,650 $375,375 11,000 units Using the weighted average method of process costing, complete each of the following: a. How many units were completed and transferred to Finished Goods? b. Calculate equivalent units. c. Calculate cost per equivalent unit. Round your answers to four decimal places. d. What is the dollar amount transferred to Finished Goods? Round your answer to a whole dollar amount. e. Calculate the cost of the ending Work in Process. Round your answer to a whole dollar amount. Case 2 Sierra Co. has provided the following information: Work in Process: Feb 1 (100% complete for materials, 60% complete for conversion) Materials Conversion Units started February costs Materials Conversion Work in Process: Feb 28 (100% complete for materials, 20% complete for conversion) 25,000 units $35,000 $43,000 80,000 units $120,000 $234,000 15,000 units Using the FIFO method of process costing, complete each of the following: a. How many units were completed and transferred to Finished Goods? b. Calculate equivalent units. c. Calculate cost per equivalent unit. d. What is the dollar amount transferred to Finished Goods? e. Calculate the cost of the ending Work in Process.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Ridgeway Co a Units completed and transferred to Finished Goods 81000 11000 70000 units b Equivalent units calculation Beginning WIP units 4000 units ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started