Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Fields Company has two manufacturing departments,

image text in transcribed

Required Information Use the following information for the Exercises below. [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 of process costing. At the beginning of the month, the forming department has 25,000 units in Inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning Inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion costs. During the month, the forming department started 300,000 units. At the end of the month, the forming department had 30,000 units in ending Inventory, 80% complete as to materials and 30% complete as to conversion. Units completed in the forming department are transferred to the painting department Cost Information for the forming department follows. Beginning work in process inventory Direct materials added during the month Conversion added during the month $ 68,1ee 1,231,280 896,789 Exercise 03-6 Weighted average: Cost per EUP and costs assigned to output LO C2 1. Calculate the equivalent units of production for the forming department 2. Calculate the costs per equivalent unit of production for the forming department 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 Direct materials Conversion EUP Cost per EUP Total cost S 0.00 0.00 S 0.00 0.00 Total cost of ending work in process Total costs assigned

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

Auditing The Art and Science of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser

12th Canadian edition

133098230, 978-0132791564, 132791560, 978-0133098235

More Books

Students also viewed these Accounting questions