Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribedimage 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 Units Beginning work in process inventory 33,500 Percent Complete 70% Percent Complete 30% Units started this period 470,000 Completed and transferred out 468,500 Ending work in process inventory 35,000 90% 50% Production cost information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 55,000 22,100 $ 77,100 1,745,000 1,154,020 2,899,020 $ 2,976,120 Assume that Fields uses the FIFO method of process costing. a. Calculate the number of units started and completed this period for the Forming department. b. Calculate the equivalent units of production for both direct materials and conversion for the Forming department c. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the number of units started and completed this period for the Forming department. Units started and completed Required B>

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial accounting

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

8th Edition

9780135114933, 136108865, 978-0136108863

Students also viewed these Accounting questions

Question

If X has distribution function F(t) = 0, t Answered: 1 week ago

Answered: 1 week ago

Question

3. (b) Consider the cases c = 0 and c =1= o.

Answered: 1 week ago