7.

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

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	31,500	75%	25%
Units started this period	430,000
Completed and transferred out	431,500
Ending work in process inventory	30,000	85%	35%

Production cost information for the forming department follows.

Beginning work in process
Direct materials	$ 52,600
Conversion	20,500	$ 73,100
Costs added this period
Direct materials	1,615,450
Conversion	1,088,920	2,704,370
Total costs to account for		$ 2,777,470

Exercise 20-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1

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 departments outputspecifically, its units transferred to painting and its ending work in process inventory.