Homework Help is Here – Start Your Trial Now!
Business
Accounting
5 01-02-02 Required Information [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. Units Direct Materials Percent Complete Conversion Percent Complete Beginning work in process inventory 31,500 75% 25% Units started this period 430,090 Completed and transferred out 431,500 Ending work in process inventory 30,098 85% 35% 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 3 52, 600 20,500 $ 73,100 1,615,450 1,088,929 2,784,378 $ 2,777,470 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. Required A Required B Required 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. Cost Assignment Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials S 0.00 0.00 Conversion S 0.00 0.00 Total costs accounted for < Required B

5 01-02-02 Required Information [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. Units Direct Materials Percent Complete Conversion Percent Complete Beginning work in process inventory 31,500 75% 25% Units started this period 430,090 Completed and transferred out 431,500 Ending work in process inventory 30,098 85% 35% 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 3 52, 600 20,500 $ 73,100 1,615,450 1,088,929 2,784,378 $ 2,777,470 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. Required A Required B Required 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. Cost Assignment Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials S 0.00 0.00 Conversion S 0.00 0.00 Total costs accounted for < Required B

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
5 01-02-02 Required Information [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. Units Direct Materials Percent Complete Conversion Percent Complete Beginning work in process inventory 31,500 75% 25% Units started this period 430,090 Completed and transferred out 431,500 Ending work in process inventory 30,098 85% 35% 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 3 52, 600 20,500 $ 73,100 1,615,450 1,088,929 2,784,378 $ 2,777,470 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. Required A Required B Required 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. Cost Assignment Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials S 0.00 0.00 Conversion S 0.00 0.00 Total costs accounted for < Required B
Transcribed Image Text:5 01-02-02 Required Information [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. Units Direct Materials Percent Complete Conversion Percent Complete Beginning work in process inventory 31,500 75% 25% Units started this period 430,090 Completed and transferred out 431,500 Ending work in process inventory 30,098 85% 35% 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 3 52, 600 20,500 $ 73,100 1,615,450 1,088,929 2,784,378 $ 2,777,470 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. Required A Required B Required 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. Cost Assignment Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials S 0.00 0.00 Conversion S 0.00 0.00 Total costs accounted for < Required B
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

SEE SOLUTION
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS