12. ) Required information

Use the following information for the Exercises below. (Algo)

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Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department.

	Units	Direct Materials	Conversion
Percent Complete	Percent Complete
Beginning work in process inventory	28,000	70%	30%
Units started this period	370,000
Completed and transferred out	358,000
Ending work in process inventory	40,000	85%	45%

Production cost information for the forming department follows.

Beginning work in process
Direct materials	$ 49,000
Conversion	18,100	$ 67,100
Costs added this period
Direct materials	1,440,600
Conversion	997,100	2,437,700
Total costs to account for		$ 2,504,800

Exercise 20-7A (Algo) FIFO: Cost per EUP LO C2

Assume that Fields uses the FIFO method of process costing.

1. Calculate the number of units started and completed this period for the Forming department.\
2. Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
3. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.