Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! Required information [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the
! 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 Percent Complete Conversion Percent Complete 30% 70% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 27,000 320,000 312,000 35,000 808 408 Production cost information for the forming department follows. $ 40,000 16,100 $ 56,100 Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,660,000 929,300 2,589, 300 $ 2,645,400 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the equivalent units of production for both direct materials and conversion for the forming department. Units Direct Materials Percent EUP Complete Conversion Percent EUP Complete Completed and transferred out Ending work in process Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the costs per equivalent unit of production for both direct materials and conversion for the forming department. Direct Materials Conversion Costs of beginning work in process Costs added this period Total costs EUP EUP + Equivalent units of production (from part a) Cost per equivalent unit of production per EUP per EUP 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. Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials $ 0.00 0.00 Conversion $ 0.00 0.00 Total costs accounted for
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started