Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Calculate the number of units started and completed this period for the Forming department. b. Calculate the equivalent units of production for both direct

a. Calculate the number of units started and completed this period for the Forming department. b. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. c. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.

image text in transcribedimage text in transcribedimage text in transcribed

1 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. Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for $ 44,800 15,300 Required A 1,231, 200 896,700 Required B Required C Units 25,000 300,000 295,000 30,000 Direct Materials Percent Complete 60% 80% Required A $ 60,100 Complete this question by entering your answers in the tabs below. 2,127,900 $ 2,188,000 Assume that Fields uses the FIFO method of process costing. a. Calculate the number of units started and completed this period for the Forming department. b. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. c. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. Conversion Percent Complete 40% 30% Calculate the number of units started and completed this period for the Forming department. Units started and completed Required B > Required A Required B Required C Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Direct Materials Conversion Beginning work in process Started and completed Ending work in process Units Percent Added EUP Required A Required B Required C Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. (Round your answers to 2 decimal places.) Costs added this period + Equivalent units of production (from part b) Cost per equivalent unit of production Direct Materials Conversion EUP per EUP

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

Construction accounting and financial management

Authors: Steven j. Peterson

2nd Edition

135017114, 978-0135017111

More Books

Students also viewed these Accounting questions

Question

=+i. Whether the approach is traditional or strategic in nature.

Answered: 1 week ago