Question
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and
Use the following information for the Exercises below. [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 31,500 units in inventory, 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $73,100 consisted of $52,600 of direct materials costs and $20,500 of conversion costs. During the month, the forming department started 430,000 units. At the end of the month, the forming department had 30,000 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 follows.
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.
Thank you!!
Cost information for the forming department follows. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 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. Calculate the equivalent units of production for the forming departmentStep by Step Solution
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