Question
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] The Fields Company has two manufacturing
Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
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 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 is as follows:
Beginning work in process inventory | $ | 60,100 |
Direct materials added during the month | 1,231,200 | |
Conversion added during the month | 896,700 | |
1. Calculate the equivalent units of production for the forming department.
Direct Materials | |
Concersion |
2. Calculate the costs per equivalent unit of production for the forming department.
Direct Materials | per EUP | |
Converstion | per EUP |
3. Using the weighted-average method, assign costs to the forming departments outputspecifically, its units transferred to painting and its ending work in process inventory.
Cost Assignment and Reconcillation | ||||
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 | $ 0.00 | $ 0.00 | ||
Conversion | $ 0.00 | $ 0.00 | ||
Total cost of ending work in process | ||||
Total costs assigned |
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