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.] 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 31,000 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $72,100 consisted of $52,000 of direct materials costs and $20,100 of conversion costs. During the month, the forming department started 420,000 units. At the end of the month, the forming department had 40,000 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 $ 72,100
Direct materials added during the month 1,631,400
Conversion added during the month 1,079,700

Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output LO C2

1. Calculate the equivalent units of production for the forming department. Direct materials-

conversion- 2. Calculate the costs per equivalent unit of production for the forming department. Direct materials-

conversion-

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.

image text in transcribed

Cost Assignment and Reconciliation Cost of units transferred out Direct materials Cost per EUP Total cost Conversion U Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs assigned Cost per EUP 0.00 0.00 Total cost 0.00 0.00

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

Step: 3

blur-text-image

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

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

More Books

Students also viewed these Accounting questions

Question

8 What did it try to do?

Answered: 1 week ago

Question

How can speakers manage speaking anxiety?

Answered: 1 week ago

Question

To what extent is public speaking similar to conversation?

Answered: 1 week ago