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. 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 Units 31,000 420,000 Conversion Costs added this period Direct materials Conversion Total costs to account for 411,000 40,000 $ 52,000 20,100 1,631,400 1,079,700 Direct Materials Percent Complete 70% 80% $ 72,100 2,711,100 $ 2,783,200 Conversion Percent Complete 30% 30%
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. 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 Units 31,000 420,000 Conversion Costs added this period Direct materials Conversion Total costs to account for 411,000 40,000 $ 52,000 20,100 1,631,400 1,079,700 Direct Materials Percent Complete 70% 80% $ 72,100 2,711,100 $ 2,783,200 Conversion Percent Complete 30% 30%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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Please do not give image format and solve all parts
![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.
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 A Required B Required C
Units
31,000
420,000
411,000
40,000
Completed and transferred out
Ending work in process
$ 52,000
20,100
1,631,400
1,079,700
G
Units
Show Transcribed Text
Direct
Materials
Percent
Complete
70%
Complete this question by entering your answers in the tabs below.
< Required A
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.
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.
Direct Materials
80%
Percent
Complete
$ 72,100
2,711,100
$ 2,783,200
Calculate the equivalent units of production for both direct materials and conversion for the forming department.
EUP
Conversion
Percent
Complete:
30%
30%
Percent
Complete
Required B >
Conversion
EUP](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3c134ff-b7ac-4f59-841d-6bdd50fc3944%2F00ff29e7-6c43-4503-8910-f223421b946f%2Fuyiahf_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
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 A Required B Required C
Units
31,000
420,000
411,000
40,000
Completed and transferred out
Ending work in process
$ 52,000
20,100
1,631,400
1,079,700
G
Units
Show Transcribed Text
Direct
Materials
Percent
Complete
70%
Complete this question by entering your answers in the tabs below.
< Required A
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.
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.
Direct Materials
80%
Percent
Complete
$ 72,100
2,711,100
$ 2,783,200
Calculate the equivalent units of production for both direct materials and conversion for the forming department.
EUP
Conversion
Percent
Complete:
30%
30%
Percent
Complete
Required B >
Conversion
EUP
Transcribed Image Text:look
Hint
i
Print
D
rences
eBook
B
Hint
b
Print
References
Complete this question by entering your answers in the tabs below.
Required A Required B
Calculate the costs per equivalent unit of production for both direct materials and conversion for the forming department.
Costs of beginning work in process
Costs added this period
Total costs
Equivalent units of production (from part a)
Cost per equivalent unit of production
Required C
Required A Required B Required C
Cost Assignment
Completed and transferred out
Direct materials
Conversion
Show Transcribed Text
Total Completed and transferred out
Ending work in process
Direct materials
Conversion
Total costs accounted for
Direct Materials
Ű
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.
EUP
per EUP
EUP
EUP
Conversion
Cost per EUP
Cost per EUP
EUP
per EUP
c
Total cost
Total cost
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