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,

image text in transcribed

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 34,500 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $79,100 consisted of $56,200 of direct material costs and $22,900 of conversion cost. During the month, the forming department started 490,000 units. At the end of the month, the forming department had 49,000 units in ending inventory, 85% complete as to materials and 35% 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: 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 EUP Conversion EUP 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

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

Accounting For Managers Financial Accounting

Authors: Morusu Sivasankar

1st Edition

6200624909, 978-6200624901

More Books

Students also viewed these Accounting questions