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 30,000 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $70,100 consisted of $50,800 of direct materials costs and $19,300 of conversion costs. During the month, the forming department started 400,000 units. At the end of the month, the forming department had 40,000 units in ending inventory, 85% complete as to materials and 35% 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 month Conversion added during the month. 70,100 1,539,200 1,047,260 1.) Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output LO C2 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. Required Required 2 Required Required 2 Required 3 Calculate the equivalent units of produc Calculate the costs per equivalent unit of productio Direct Materials Direct Materials per EUP Conversion Conversion per EUP Using the weighted-average method, assign costs to the forming department's output-specifically, its units transferred to painting and i process inventory Cost Assignment and Reconciliation Cost of units transferred out EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials 0.00 0.00 0.00 Conversion 0.00 Total cost of ending work in process Total costs assigned 2.) 1. Calculate the equivalent units of production for the forming department. Exercise 20-7A FIFO: Costs per EUP LO C4 2. Calcu late the costs per equivalent unit of production for the forming department Required 2 Required Required Required 2 Calculate the equivalent units of product Calculate the costs per equivalent unit of product Direct Materials Direct Materials Conversion per EUP Conversion per EUP 3.) Exercise 20-8 Weighted average: Computing equivalent units of production LO C2 Equivalent Units of Production- Weighted Average EUP-Convers ion EUP-Materials % Conversion Units % Materials Total 4.) Exercise 20-10A FIFO: Computing equivalent units of production LO C4 Equivalent Units of Production - FlIFO Units % Materials EUP- Materials % Conversion EUP- Conversion Equivalent units of production 0
