Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

15 0.64 points eBook Hint Print References Required information [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments,

image text in transcribedimage text in transcribedimage text in transcribed

15 0.64 points eBook Hint Print References Required information [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 29,000 units in inventory, 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $68,100 consisted of $49,600 of direct materials costs and $18,500 of conversion costs. During the month, the forming department started 380,000 units. At the end of the month, the forming department had 30,000 units in ending inventory, 90% complete as to materials and 50% complete as to conversion. Units completed in the forming department are transferred to the painting department. Cost information for the forming department follows. Beginning work in process inventory Direct materials added during the $ 68,100 1,468,840 month Conversion added during the month 1,013,780 1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs per equivalent unit of production for the forming department. 3. Using the weighted-average method, assign costs to the forming department's output-specifically, its units transferred to painting and its ending work in process inventory. Complete this question by entering your answers in the tabs below. W Required 1 Required 2 Required 3 Calculate the equivalent units of production for the forming department. Direct Materials Conversion

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applying International Financial Reporting Standards

Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise

3rd edition

730302121, 978-0730302124

More Books

Students also viewed these Accounting questions

Question

Why do you think this is so? LO1

Answered: 1 week ago