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 Required A Required B Required C Required A Required B Beginning work in process Started and completed Ending work in process 270,000✔ 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. Complete this question by entering your answers in the tabs below. Required C $ 44,800 15,300 1,231,200 896,700 < Required A Units Units 25,000 300,000 295,000 30,000 25,000 270,000 Required A Required B Required C Calculate the number of units started and completed this period for the Forming department. Units started and completed Costs added this period + Equivalent units of production (from part b) Cost per equivalent unit of production X Answer is not complete. Direct Materials Percent Complete 60% Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Percent Added $ 60,100 2,127,900 $ 2,188,000 40% Direct Materials 80% $ 80% < Required A Required B > EUP $ 1,231,200 ✓ 10,000✔ 285,000 X 24,000 319,000 Conversion Percent Complete 40% Direct Materials 319,000 EUP 30% 3.86X per EUP 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. Percent Added 60% Conversion 30%✔ Required C > $ $ EUP 15,000 280,000 X 9,000 304,000 Conversion 896,700✔ 304,000 EUP 2.95 per EUP

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
Required A
Required B
Required C
Required A Required B
Beginning work in process
Started and completed
Ending work in process
270,000
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.
Complete this question by entering your answers in the tabs below.
Required C
$ 44,800
15,300
1,231, 200
896,700
< Required A
Units
Units
25,000
300,000
295,000
30,000
Calculate the number of units started and completed this period for the Forming department.
Units started and completed
270,000
Required A Required B Required C
25,000✔
Costs added this period
+ Equivalent units of production (from part b)
Cost per equivalent unit of production
X Answer is not complete.
Direct
Materials Conversion
Percent
Complete
60%
Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
Percent
Added
2,127,900
$ 2,188,000
$ 60,100
40%
Direct Materials
80%
$
80%
< Required A
Required B
< Required B
EUP
Direct Materials
$ 1,231,200
Percent
Complete
40%
10,000 ✓
285,000 X
24,000
319,000
30%
319,000 X EUP
3.86X per EUP
Conversion
Percent
Added
60%
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.
30%
Required C >
$
Required C
EUP
15,000
280,000 X
9,000
304,000
$ 896,700✔
Conversion
>
304,000 EUP
2.95 x
per EUP
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 Required A Required B Required C Required A Required B Beginning work in process Started and completed Ending work in process 270,000 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. Complete this question by entering your answers in the tabs below. Required C $ 44,800 15,300 1,231, 200 896,700 < Required A Units Units 25,000 300,000 295,000 30,000 Calculate the number of units started and completed this period for the Forming department. Units started and completed 270,000 Required A Required B Required C 25,000✔ Costs added this period + Equivalent units of production (from part b) Cost per equivalent unit of production X Answer is not complete. Direct Materials Conversion Percent Complete 60% Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Percent Added 2,127,900 $ 2,188,000 $ 60,100 40% Direct Materials 80% $ 80% < Required A Required B < Required B EUP Direct Materials $ 1,231,200 Percent Complete 40% 10,000 ✓ 285,000 X 24,000 319,000 30% 319,000 X EUP 3.86X per EUP Conversion Percent Added 60% 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. 30% Required C > $ Required C EUP 15,000 280,000 X 9,000 304,000 $ 896,700✔ Conversion > 304,000 EUP 2.95 x per EUP
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