Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.j $73100consisted of $52.6 tomaterials and25%complete month, theformingde weighted- During the month, the forming department
Required information [The following information applies to the questions displayed below.j $73100consisted of $52.6 tomaterials and25%complete month, theformingde weighted- During the month, the forming department started 430,000 units. At the end of the month, the forming department had 30,000 units in ending inventory, 85% complete as to materials and 35% complete as to conversion, units completed in the forming department are transferred to the painting department. The 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 31,500 units in inventory, 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $73,100 consisted of $52,600 of direct materials costs and $20,500 of conversion costs. Cost information for the forming department is as follows: Beginning work in process inventory Direct materials added during the month Conversion added during the month $ 73,100 1,615,450 1,088,920 1. Calculate the equivalent units of production for the forming department. Direct Materials Conver 2. Calculate the costs per equivalent unit of production for the forming department. Direct Materials per EUP Conversion per EUP 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. Cost Assignment and Reconciliation Cost of units transferred out EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total cost of ending work in process Total costs assigned
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