Ridgecrest Company manufactures plastic storage crates and has the following inf

Question

Ridgecrest Company manufactures plastic storage crates and has the following information available for the month of Apri: Work in process, April 1 (10% complete for materials, 44% for conversion) 16,600 units Direct materials Conversion cost $ 22,000 $ 23,000 Number of units started 54,400 units April costs Direct materials Conversion cost $ 67,800 S 101,800 Work in process, April 30 (100% complete for materials, 27% for conversion) 14,000 units Required Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. Physical Units Physical Units Beginning Units Units Started Total Units Units Completed Ending Units 0 Total Units

Explanation / Answer

1) Beginning Units                  16,600 Units completed                       57,000 Units started                  54,400 Ending units                       14,000 Total Units                  71,000 Total Units                       71,000 Working: Beginning Units                  16,600 Units started                  54,400 Total Units                  71,000 Less: Ending Units                  14,000 Units completed                  57,000 2) Equivalent units Physical Units Direct Materials Conversion   Units completed                  57,000                        57,000                       57,000 Ending units                  14,000                        14,000                         3,780 Total Units                  71,000                        71,000                       60,780 Working: Direct Materials Conversion   Physical Units % of completion Equivalent units % of completion Equivalent units Units completed                  57,000 100%                       57,000 100%                       57,000 Ending units                  14,000 100%                       14,000 27%                         3,780 Total Units                  71,000                       71,000                       60,780 3) Direct Materials Conversion Cost per equiavlent unit $                 1.26479 $                2.05331 Working: Direct Materials Conversion Beginning Work in process                        22,000                       23,000 Costs incured in April                        67,800                   1,01,800 Total Costs                        89,800                   1,24,800 / Total Equivalent units                        71,000                       60,780 Costs per equivalent nit $                 1.26479 $                2.05331 4) Direct Materials Conversion Total Costs Units completed                        72,093                   1,17,038                    1,89,131 Ending units                        17,707                         7,762                       25,469 Total costs accounted for                        89,800                   1,24,800                    2,14,600 Working: a. Costs of Units completed: Equivalent units Costs per equiavlent unit Total Direct Materials                        57,000 $                1.26479 $                   72,093 Conversion                        57,000 $                2.05331 $               1,17,038 Costs of ending units: Equivalent units Costs per equiavlent unit Total Direct Materials                        14,000 $                1.26479 $                   17,707 Conversion                          3,780 $                2.05331 $                     7,762

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