Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 Required information [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the

image text in transcribed

image text in transcribed

image text in transcribed

4 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 and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Conversion Percent Complete 30% 70% 35% Direct Materials Percent Units Complete Beginning work in process inventory 36,880 Units started this period 52e.ee Completed and transferred out 516,00 Ending work in process inventory 40.000 85% Production cost Information for the forming department follows. Beginning work in process Direct materials $ 58,000 Conversion 24,180 $ 82,186 Costs added this period Direct materials 1,889,000 Conversion 1,226,780 3,115,700 Total costs to account for $ 3,197,880 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. c. 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. Required A Required B Required Calculate the equivalent units of production for both direct materials and conversion for the forming department. Direct Materials Conversion Units Percent Percent EUP EUP Complete Complete Completed and transferred out Ending work in process Required A Required B > Required A Required B Required Calculate the costs per equivalent unit of production for both direct materials and conversion for the forming department. Direct Materials Conversion Costs of beginning work in process Costs added this period Total costs - Equivalent units of production (from parta) Cost per equivalent unit of production EUP per EUP EUP per EUP Required A Required B Required C 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. Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials S 0.00 0.00 Conversion S 0.00 0.00 Total costs accounted for

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

Mastering Cloud Auditing A Comprehensive Guide To Learn Cloud Auditing

Authors: Cybellium Ltd, Kris Hermans

1st Edition

B0CHL8DYC7, 979-8861283809

More Books

Students also viewed these Accounting questions

Question

Let ABC be a triangle with Answered: 1 week ago

Answered: 1 week ago