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Calculate the equivalent units of production for each input

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Reference no: EM131719997

Question - Ralston Fine Hardwoods uses a process costing system to account for its wood processing plant. Beginning inventory consisted of 7000 board feet of lumber (100% complete as to material, 15% complete as to labor) Ralston added 130000 board feet into the process during April. On April 30th there were 9000 board feet still in process (100% complete as to material, 85% complete as to labor).

A) Calculate the equivalent units of production for each input, assuming Ralston uses weighted-average method.

B) Calculate the equivalent units of production for each input, assuming Ralston uses FIFO cost of production report.

Reference no: EM131719997

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