Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information apples to the questions displayed below) Fields Company has two manufacturing departments forming and painting. The company uses the weighted

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Required information The following information apples to the questions displayed below) 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 35,000 units in inventory 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $83.100 consisted or $58 600 of direct materials costs and $24.500 or conversion costs During the month the forming department started 530,000 units. At the end of the month, the forming department had 30,000 unitsin ending inventory, 90% complete as to materials and 40% complete as to conversion. Units completed in the forming department are transferred to the painting department Cost information for the forming department follows: 83 lee Beginning work in process inventory Direct materials added during the month Conversion added during the month 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. Required 1 Required Calculate the equivalent units of production for the forming department. Dared Materials Required 2 > 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. Required 1 Required 2 Required 3 Calculate the costs per equivalent unit of production for the forming department. (Round your answers to 2 decimal places) per EUP Direct Materials Conversion per EUP Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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. EUP Cost per EUP Total cost Cost Assignment and Reconciliation Cost of units transferred out Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs assigned EUP Total cost Cost per EUP 0.00 0.00 0.00 Assume that Fields uses the FIFO method of process costing. 1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs per equivalent unit of production for the forming department. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the costs per equivalent unit of production for the forming department. (Round your answers to 2 decimal places.) Direct Materials per EUP per LUP

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

The Audit Guide For Beginners Understanding Fiduciary Responsibilities

Authors: Oren Rohleder

1st Edition

B0B1M56DMY, 979-8829314019

More Books

Students also viewed these Accounting questions

Question

Apply your own composing style to personalize your messages.

Answered: 1 week ago

Question

Format memos and e-mail properly.

Answered: 1 week ago