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 the weighted

image text in transcribed
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 Conversion Percent Complete 301 Direct Materials Percent Units Complete Beginning work in process inventory 28,000 704 Units started this period 370,000 Completed and transferred out 358,000 Ending work in process inventory 40,000 85 Production cost information for the forming department follows. 451 $ 49,000 18,100 $ 67,100 Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,440,600 997.100 2,437.700 $ 2,504,800 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. 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. Units Direct Materials Percent EUP Complete Conversion Percent EUP Complete Completed and transferred out Ending work in process Required A Required B 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 Costs of beginning work in process Costs added this period Total costs - Equivalent units of production (from parta) EUP Cost per equivalent unit of production EUP per EUP per EUP Required A Required B Required 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

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_2

Step: 3

blur-text-image_3

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: Michael J. Jones

2nd Edition

1119977150, 978-1119977155

More Books

Students also viewed these Accounting questions

Question

The sequence a 1 5, a n 3a n-1 is an example of a _____ sequence.

Answered: 1 week ago