company weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department a transferred to the painting department. Beginning work in process inventory Units started this period Completed and transferred out 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 Units 29,000 380,000 Required B 379, 000 30,000 49,600 18,500 Costs added this period + Equivalent units of production (from part b) Cost per equivalent unit of production 1,468, 840 1,013, 780 Direct Materials Percent Complete 75% 90% Complete this question by entering your answers in the tabs below. Direct Materials $ 68,100 Assume that Fields uses the FIFO method of process costing. a. Calculate the number of units started and completed this period for the Forming department. b. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. c. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. EUP per EUP 2,482,620 $ 2,550, 720 Required A Required C Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. (Round your answers to 2 decimal places.) Conversion Percent Completel 25% 50% Conversion EUP per EUP
company weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department a transferred to the painting department. Beginning work in process inventory Units started this period Completed and transferred out 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 Units 29,000 380,000 Required B 379, 000 30,000 49,600 18,500 Costs added this period + Equivalent units of production (from part b) Cost per equivalent unit of production 1,468, 840 1,013, 780 Direct Materials Percent Complete 75% 90% Complete this question by entering your answers in the tabs below. Direct Materials $ 68,100 Assume that Fields uses the FIFO method of process costing. a. Calculate the number of units started and completed this period for the Forming department. b. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. c. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. EUP per EUP 2,482,620 $ 2,550, 720 Required A Required C Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. (Round your answers to 2 decimal places.) Conversion Percent Completel 25% 50% Conversion EUP per EUP
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
4C.
Transcribed Image Text: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.
Beginning work in process inventory
Units started this period
Completed and transferred out
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
Units
29, 000
380,000
379, 000
30, 000
Required B Required C
$ 49,600
18,500
Costs added this period
+ Equivalent units of production (from part b)
Cost per equivalent unit of production
468, 840
1,013, 780
Direct
Materials.
Percent
Complete
75%
90%
Complete this question by entering your answers in the tabs below.
Direct Materials
$ 68, 100
Assume that Fields uses the FIFO method of process costing.
a. Calculate the number of units started and completed this period for the Forming department.
b. Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
c. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
EUP
per EUP
2,482, 620
$ 2,550, 720
Required A
Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
(Round your answers to 2 decimal places.)
Conversion
Percent
Complete
25%
50%
Conversion
EUP
per EUP
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