Required Required Required A B C Calculate the costs per equivalent unit of production for both direct materials onversion for the forming department. osts of beginning work in process LAL! Direct Materials Conversion
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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Use the following information for the Exercises below. (Algo)
[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
36,000
520,000
516,000
40,000
Beginning work in process
inventory
Units started this period
Completed and transferred
out
Ending work in process
inventory
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
Required Required Required
A
B
с
$ 58,000
24, 100
1,889,000
1,226,700
Completed and transferred
out
Ending work in process
Units
Direct
Materials Conversion
Percent
Complete
70%
85%
$82,100
Percent
Complete
3,115,700
Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1
a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming
department.
< Required A
c. 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.
$
3,197,800
Complete this question by entering your answers in the tabs below.
Direct Materials
EUP
Calculate the equivalent units of production for both direct materials and conversion for the
forming department.
Percent
Complete
30%
35%
Conversion
Percent
Complete
Required B >
EUP](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F349709f6-3e99-49ce-9384-9f2b79e0bb19%2F8b5d5818-aaef-4a54-a122-ad7e2e30c7da%2Forfmhgn_processed.png&w=3840&q=75)
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