Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 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 34,000 units in inventory, 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $78,100 consisted of $55,600 of direct material costs and $22,500 of conversion cost. During the month, the forming department started 480,000 units. At the end of the month, the forming department had 48,000 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 $ 78,100 Direct materials added during the month 1,583,700 Conversion added during the month 1,058,400 1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs per equivalent unit of production for the forming department. (Round your answer to 2 decimal places.) 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. (Round your "costs per equivalent unit" to two decimal places and use the rounded answer in further computations.)

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

Auditing Explained A Practical Guide For Managers

Authors: John Dunn

1st Edition

0749405619, 978-0749405618

More Books

Students also viewed these Accounting questions

Question

I just need to know what ethical lapses Ryan Braun committed

Answered: 1 week ago

Question

Define procedural justice. How does that relate to unions?

Answered: 1 week ago