Answered step by step
Verified Expert Solution
Link Copied!

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 of

[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 of process costing. At the beginning of the month, the forming department has 30,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $69,100 consisted of $50,200 of direct materials costs and $18,900 of conversion costs. During the month, the forming department started 390,000 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 follows.

Beginning work in process inventory $ 69,100
Direct materials added during the month 1,507,160
Conversion added during the month 1,031,660

1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs per equivalent unit of production for the forming department. 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

image text in transcribed

image text in transcribed

Complete this question by entering your answers in the tabs! Required 1 Required 2 Required 3 Calculate the equivalent units of production for the forming departmer Direct Materials Conversion complete this question by entering your answ Required 1 Required 2 Required 3 Calculate the costs per equivalent unit of production Direct Materials Conversion per EUP per EUP Required 1 Required 2 Required 3 Using the weighted average method, assign costs to the forming department's output-specifically, its units transferre painting and its ending work in process inventory. EUP Cost per EUP Total cost Cost Assignment and Reconciliation Cost of units transferred out Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total cost of ending work in process Total costs assigned

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

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

5th Edition

0912503351, 9780912503356

More Books

Students also viewed these Accounting questions