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Units 29,000 380,000 k in process inventory this period transferred out n process inventory information for the forming department follows. 379, 000 30,000 Direct Materials Percent Complete 75% 90% Conversion Percent Complete 25% 50%

Units 29,000 380,000 k in process inventory this period transferred out n process inventory information for the forming department follows. 379, 000 30,000 Direct Materials Percent Complete 75% 90% Conversion Percent Complete 25% 50%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 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 Units 29, 000 380,000 Required A 379, 000 30, 000 Beginning work in process Started and completed Ending work in process Units $ 49,600 18,500 468, 840 1,013, 780 Percent Added Complete this question by entering your answers in the tabs below. Direct Materials. Percent Complete 75% 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. Direct Materials 90% $ 68, 100 Required B Required C Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Conversion EUP 2,482, 620 $ 2,550, 720 Conversion Percent Complete 25% 50% Percent Added EUP
Transcribed Image Text: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 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 Units 29, 000 380,000 Required A 379, 000 30, 000 Beginning work in process Started and completed Ending work in process Units $ 49,600 18,500 468, 840 1,013, 780 Percent Added Complete this question by entering your answers in the tabs below. Direct Materials. Percent Complete 75% 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. Direct Materials 90% $ 68, 100 Required B Required C Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Conversion EUP 2,482, 620 $ 2,550, 720 Conversion Percent Complete 25% 50% Percent Added EUP
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 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 Units 29,000 380,000 379, 000 30, 000 Required B Required C $ 49,600 18,500 1, 468, 84 1,013, 780 Direct Materials Percent Complete 75% 90% $ 68, 100 2,482, 620 $ 2,550, 720 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 25% 50% Required A Calculate the number of units started and completed this period for the Forming department. Units started and completed
Transcribed Image Text: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 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 Units 29,000 380,000 379, 000 30, 000 Required B Required C $ 49,600 18,500 1, 468, 84 1,013, 780 Direct Materials Percent Complete 75% 90% $ 68, 100 2,482, 620 $ 2,550, 720 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 25% 50% Required A Calculate the number of units started and completed this period for the Forming department. Units started and completed
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