Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output C3 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 25,0 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion cost: During the month, the Forming department started 300,000 units. At the end of the month, the Forming department had 30,000 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....... Direct materials added during the month.. Conversion added during the month................... ...... $ 60,100 1,231,200 896,700 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 department's output-specifically, its units transferred to Painting and its ending work in process inventory.
Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output C3 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 25,0 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion cost: During the month, the Forming department started 300,000 units. At the end of the month, the Forming department had 30,000 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....... Direct materials added during the month.. Conversion added during the month................... ...... $ 60,100 1,231,200 896,700 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 department's output-specifically, its units transferred to Painting and its ending work in process inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output C3
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 25,0
units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion cost:
During the month, the Forming department started 300,000 units. At the end of the month, the Forming department had 30,000 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
Direct materials added during the month
Conversion added during the month.....
$ 60,100
1,231,200
896,700
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 department's output- specifically, its units transferred to Painting and its ending work in process inventory.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education