Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[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
[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 and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Direct Materials Conversion Units Beginning work in process inventory 37,000 Percent Complete 80% Percent Complete 208 Units started this period Completed and transferred out 540,000 537,000 40,000 80% 308 Ending work in process inventory Production cost information for the forming department follows. Beginning work in process: Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 59,200 24,900 $ 84,100 3,203,640 $ 3,287,740 1,949,370 1,254,270 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. c. 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. x Required A Required B Required C ces Calculate the equivalent units of production for both direct materials and conversion for the forming department. Direct Materials Conversion Units Percent Complete EUP Percent Complete EUP Completed and transferred out Ending work in process Required A Required B Required C Calculate the costs per equivalent unit of production for both direct materials and conversion for the forming department. Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production Direct Materials EUP Conversion EUP per EUP per EUP 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 Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost EUP Cost per EUP Total cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started