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. Units Beginning work in process inventory 25,000 Direct Materials Percent Complete 60% Conversion Percent Complete 40% Units started this period 300,000 Completed and transferred out 295,000 Ending work in process inventory 30,000 80% 30% 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 $ 44,800 15,300 $ 60,100 1,231,200 896,700 2,127,900 $ 2,188,000 me that Fields uses the FIFO method of process costing. Calculate the number of units started and completed this period for the Forming department. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Calculate the costs per equivalent unit of production for both direct materials and conversion 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. Units Beginning work in process inventory 25,000 Direct Materials Percent Complete 60% Conversion Percent Complete 40% Units started this period 300,000 Completed and transferred out 295,000 Ending work in process inventory 30,000 80% 30% 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 $ 44,800 15,300 $ 60,100 1,231,200 896,700 2,127,900 $ 2,188,000 me that Fields uses the FIFO method of process costing. Calculate the number of units started and completed this period for the Forming department. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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
![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.
Direct
Materials Conversion
Units
Beginning work in process inventory
25,000
Percent
Percent
Complete Complete
60%
40%
Units started this period
Completed and transferred out
300,000
295,000
Ending work in process inventory
30,000
80%
30%
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
$ 44,800
15,300
$ 60,100
1,231,200
896,700
2,127,900
$ 2,188,000
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 A Required B Required C
Calculate the number of units started and completed this period for the Forming department.
Units started and completed
< Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c352185-b5b2-4320-820c-085412f06391%2Ffbc24432-ac51-403c-ad11-16be238a0954%2Fw72t2z2_processed.png&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.
Direct
Materials Conversion
Units
Beginning work in process inventory
25,000
Percent
Percent
Complete Complete
60%
40%
Units started this period
Completed and transferred out
300,000
295,000
Ending work in process inventory
30,000
80%
30%
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
$ 44,800
15,300
$ 60,100
1,231,200
896,700
2,127,900
$ 2,188,000
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 A Required B Required C
Calculate the number of units started and completed this period for the Forming department.
Units started and completed
< Required A
Required B >
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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