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:

Disgusted

A feeling of strong disapproval or revulsion.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Fairness Bias

The tendency to prioritize fairness and equity in decision making and judgment, sometimes at the expense of other considerations.

Inheritance

The process by which genetic information is passed on from parents to their offspring, determining certain characteristics of the offspring.