Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

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 33,500 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $77,100 consisted of $55,000 of direct materials costs and $22,100 of conversion costs. During the month, the forming department started 470,000 units. At the end of the month, the forming department had 35,000 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. 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. Calculate the equivalent units of production for the forming department. Fields Company has two manufacturing departments, forming and painting. The company uses the method of process costing. At the beginning of the month, the forming department has 33,500 unif complete as to materials and 30% complete as to conversion costs. The beginning inventory cost c $55,000 of direct materials costs and $22,100 of conversion costs. During the month, the forming department started 470,000 units. At the end of the month, the form 35,000 units in ending inventory, 90% complete as to materials and 50% complete as to conversio the forming department are transferred to the painting department. Cost information for the forming department follows. . Calculate the equivalent units of production for the forming department. . 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 and its ending work in process inventory. Complete this question by entering your answers in the tabs below. Calculate the costs per equivalent unit of production for the forming department. (Round your answers to 2 d

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

Her Majestys Auditor An Adventure Novel With Steampunk Elements

Authors: Markus Pfeiler

1st Edition

164953339X, 978-1649533395

More Books

Students also viewed these Accounting questions

Question

How should the NCAA compensate college athletes, if at all?

Answered: 1 week ago

Question

Was ist der Ausgangspunkt von jeglichem Wirtschaften

Answered: 1 week ago