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Use the following information for the Exercises below. $($Algo$)$

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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.

Units Direct Materials Conversion

Percent Complete Percent Complete

Beginning work in process inventory $30,00065\%35\%$

Units started this period $300,000$

Completed and transferred out $295,000$

Ending work in process inventory $35,00090\%20\%$

Production cost information for the forming department follows.

Beginning work in process

Direct materials $ $45,000$

Conversion $16,000$ $ $61,000$

Costs added this period

Direct materials $1,261,000$

Conversion $890,0002,151,000$

Total costs to account for $ $2,212,000$

Exercise $16-6($Algo$)$ Weighted average: Cost per EUP and costs assigned to output LO P$1$

Calculate the equivalent units of production for both direct materials and conversion for the Forming department.

Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.

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.Required information

Use the following information for the Exercises below. $($Algo$)$

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$[$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.

Units Direct Materials Conversion

Percent Complete Percent Complete

Beginning work in process inventory $30,00065\%35\%$

Units started this period $300,000$

Completed and transferred out $295,000$

Ending work in process inventory $35,00090\%20\%$

Production cost information for the forming department follows.

Beginning work in process

Direct materials $ $45,000$

Conversion $16,000$ $ $61,000$

Costs added this period

Direct materials $1,261,000$

Conversion $890,0002,151,000$

Total costs to account for $ $2,212,000$

Exercise $16-6($Algo$)$ Weighted average: Cost per EUP and costs assigned to output LO P$1$

Calculate the equivalent units of production for both direct materials and conversion for the Forming department.

Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.

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.Exercise $15-26($Algo$)$ Computing applied overhead and closing over$-$ or underapplied overhead LO P$4$

At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $$520,000,$ and direct materials costs, $$200,000.$At year$-$end, the company reports that actual overhead costs for the year are $$529,500$ and actual direct materials costs for the year are $$200,000.$

Determine the predetermined overhead rate using estimated direct materials costs

Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over$-$ or underapplied $($and the amount$)$ for the year.

Prepare the entry to close any over$-$ or underapplied overhead to Cost of Goods Sold.Exercise $15-26($Algo$)$ Computing applied overhead and closing over$-$ or underapplied overhead LO P$4$

At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead

costs, $$520,000,$ and direct materials costs, $$200,000.$ At year$-$end, the company reports that actual overhead costs for the year are

$$529,500$ and actual direct materials costs for the year are $$200,000.$

Determine the predetermined overhead rate using estimated direct materials costs

Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the

predetermined overhead rate. Determine whether overhead is over$-$ or underapplied $($and the amount$)$ for the year.

Prepare the entry to close any over$-$ or underapplied overhead to Cost of Goods Sold.

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Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the

predetermined overhead rate. Determine whether overhead is over$-$ or underapplied $($and the amount$)$ for the year.