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
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
Chapter1: Financial Statements And Business Decisions
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