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.