Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me figure out these problems! Required information [The following information applies to the questions displayed below) Fields Company has two manufacturing departments, forming

please help me figure out these problems!
image text in transcribed
image text in transcribed
image text in transcribed
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 Direct Materials Conversion Percent Percent Complete Complete 609 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 25,000 300,000 295,000 30,000 809 30 Production cost information for the forming department follows: $ 44,800 15,300 $ 60, 100 Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,231,200 896,700 2,127,900 $ 2,188,000 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 Answer is not complete. 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 240,000 Conversion 294,000 Required A Required B> 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 Direct Materials Conversion Percent Percent Complete Complete 604 404 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 25,000 380,000 295,000 30,000 809 30 Production cost information for the forming department follows $ 44,800 15,300 $ 60,100 Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,231,200 896,700 2,127,900 $ 2,188,000 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 Answer is not complete. Complete this question by entering your answers in the tabs below. 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 $ 4.20 per EUP $ 3.10 % per EUP Direct Materials Conversion Percent Percent Complete Complete 60% 409 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 25,000 300,000 295,000 30,000 B04 309 Production cost information for the forming department follows $ 44,800 15,300 $ 60,100 Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,231,200 896,789 2,127,900 $ 2,188,000 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 Answer is not complete. Complete this question by entering your answers in the tabs below. 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 EUP Total cost 295.000 295,000 Cost per EUP $ 4,05 X s 3.05 X Cost Assignment and Reconciliation Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP Total cost EUP 4:05 s 0.00 $ 3.05 0.00

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

Intermediate Accounting Volume 1

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel

8th Edition

1260881237, 9781260881233

More Books

Students also viewed these Accounting questions

Question

What are capitation fees and how should they be accounted for?

Answered: 1 week ago

Question

=+a) Create a run chart for the baseballs circumferences.

Answered: 1 week ago