Ralston Fine Hardwoods Uses a Process Costing System to Account

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.