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. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials $ 50,800 19,300 $ 70,100 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for 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. 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. Complete this question hy entering vour answers in the tahs below
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. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials $ 50,800 19,300 $ 70,100 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for 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. 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. Complete this question hy entering vour answers in the tahs below
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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Question
![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.
Direct
Materials
Percent
Complete
60%
Conversion
Percent
Complete
40%
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
30,000
400,000
390,000
40,000
85%
35%
Production cost information for the forming department follows.
Beginning work in process
Direct materials
$ 50,800
19,300
Conversion
$ 70,100
Costs added this period
Direct materials
1,539,200
1,047,260
2,586,460
$ 2,656,560
Conversion
Total costs to account for
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.
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.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required 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.
Cost Assignment
Cost per
EUP
Completed and transferred out
EUP
Total cost
Direct materials
Conversion
Total Completed and transferred out
Cost per
Ending work in process
EUP
Total cost
EUP
Direct materials
$
0.00
0.00
Conversion
$
0.00
0.00
Total costs accounted for](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5dc9d2dd-35ab-4c84-a611-40f810db3ab6%2F242763fd-cbe1-4fef-a296-e6f38a89c74f%2Fqwiqozx_processed.png&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.
Direct
Materials
Percent
Complete
60%
Conversion
Percent
Complete
40%
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
30,000
400,000
390,000
40,000
85%
35%
Production cost information for the forming department follows.
Beginning work in process
Direct materials
$ 50,800
19,300
Conversion
$ 70,100
Costs added this period
Direct materials
1,539,200
1,047,260
2,586,460
$ 2,656,560
Conversion
Total costs to account for
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.
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.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required 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.
Cost Assignment
Cost per
EUP
Completed and transferred out
EUP
Total cost
Direct materials
Conversion
Total Completed and transferred out
Cost per
Ending work in process
EUP
Total cost
EUP
Direct materials
$
0.00
0.00
Conversion
$
0.00
0.00
Total costs accounted for
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