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. Beginning work in process inventory Units started this period Beginning work in process Direct materials Conversion Costs added this period Direct materials. Conversion Total costs to account for Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. $ 44,800 15,300 Required A Units 25,000 300,000 295,000 30,000 1,231,200 896,700 Required B Required C Direct Materials Conversion Percent Complete 60% 80% $ 60,100 2,127,900 $ 2,188,000 Complete this question by entering your answers in the tabs below. ssume 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. Percent Complete 40% 30% Calculate the number of units started and completed this period for the Forming department.
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. Beginning work in process inventory Units started this period Beginning work in process Direct materials Conversion Costs added this period Direct materials. Conversion Total costs to account for Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. $ 44,800 15,300 Required A Units 25,000 300,000 295,000 30,000 1,231,200 896,700 Required B Required C Direct Materials Conversion Percent Complete 60% 80% $ 60,100 2,127,900 $ 2,188,000 Complete this question by entering your answers in the tabs below. ssume 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. Percent Complete 40% 30% Calculate the number of units started and completed this period for the Forming department.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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Transcribed Image Text:Required A Required B Required C
Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
Beginning work in process
Started and completed
Ending work in process
Show Transcribed Text
Required A Required B
Units
Required C
Direct Materials
Costs added this period
+ Equivalent units of production (from part b)
Cost per equivalent unit of production
Percent
Added
ņ
EUP
V
Direct Materials
Conversion
Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
Note: Round your answers to 2 decimal places.
EUP
per EUP
Percent
Added
EUP
Conversion
EUP
per EUP
![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.
Beginning work in process inventory
Units started this period
Beginning work in process
Direct materials
Completed and transferred out
Ending work in process inventory
Production cost information for the forming department follows.
Conversion
Costs added this period
Direct materials.
Conversion
Total costs to account for
$ 44,800
15,300
Required A
Units
25,000
300,000
295,000
30,000
1,231,200
896,700
Required B Required C
Direct
Materials
Percent
Complete
60%
80%
$ 60,100
2,127,900
$ 2,188,000
Complete this question by entering your answers in the tabs below.
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.
Conversion
Percent
Complete
40%
30%
Calculate the number of units started and completed this period for the Forming department.
Units started and completed](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ef30333-002e-4001-8a6b-4dc376258695%2Fc69ce6c1-813e-4d1d-93a9-197da4d7463f%2F8mv4k_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
Beginning work in process inventory
Units started this period
Beginning work in process
Direct materials
Completed and transferred out
Ending work in process inventory
Production cost information for the forming department follows.
Conversion
Costs added this period
Direct materials.
Conversion
Total costs to account for
$ 44,800
15,300
Required A
Units
25,000
300,000
295,000
30,000
1,231,200
896,700
Required B Required C
Direct
Materials
Percent
Complete
60%
80%
$ 60,100
2,127,900
$ 2,188,000
Complete this question by entering your answers in the tabs below.
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.
Conversion
Percent
Complete
40%
30%
Calculate the number of units started and completed this period for the Forming department.
Units started and completed
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