Ralston Fine Hardwoods Uses a Process Costing System to Account

question 48

Essay

Ralston Fine Hardwoods uses a process costing system to account for its wood processing plant. Beginning inventory consisted of 4,000 board feet of lumber (100% complete as to materials, 35% complete as to conversion). Ralston added 132,000 board feet into the process during April. On April 30, there were 10,000 board feet still in process (100% complete as to materials, 22% complete as to conversion).
Required:
(a) Calculate the equivalent units of production for each input, assuming Ralston uses weighted-average.
(b) Calculate the equivalent units of production for each input, assuming Ralston uses FIFO.

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Definitions:

Cultural Group

describes a collection of individuals who share common cultural characteristics, such as language, traditions, and values.

Fundamental Attribution Error

Bias in attributing another’s behaviour more to internal than to situational causes.

Correspondence Bias

A general attribution bias in which people have an inflated tendency to see behaviour as reflecting (corresponding to) stable underlying personality attributes.

Personality Attributes

The traits, characteristics, and behaviors that make up an individual's unique personality.