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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. 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 31,000 420,000 411,000 40,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 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 31,000 420,000 411,000 40,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 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%

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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look Calculate the equivalent units of production for both direct materials and conversion for the forming department. Direct Materials Hint 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. Completed and transferred out Ending work in process Print Complete this question by entering your answers in the tabs below. F Required A Required B Required C rences eBook B Hint - Print 0 References Required A Costs of beginning work in process Costs added this period Total costs Required B Required C Units Complete this question by entering your answers in the tabs below. Equivalent units of production (from part a) Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Required A Percent Complete Ending work in process Direct materials Conversion Calculate the costs per equivalent unit of production for both direct materials and conversion for the forming department. Total Completed and transferred out Total costs accounted for EUP Required B > Direct Materials EUP EUP 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. EUP per EUP Percent Complete Conversion Cost per EUP Cost per EUP Conversion EUP EUP per EUP Total cost Total cost
Transcribed Image Text:look Calculate the equivalent units of production for both direct materials and conversion for the forming department. Direct Materials Hint 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. Completed and transferred out Ending work in process Print Complete this question by entering your answers in the tabs below. F Required A Required B Required C rences eBook B Hint - Print 0 References Required A Costs of beginning work in process Costs added this period Total costs Required B Required C Units Complete this question by entering your answers in the tabs below. Equivalent units of production (from part a) Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Required A Percent Complete Ending work in process Direct materials Conversion Calculate the costs per equivalent unit of production for both direct materials and conversion for the forming department. Total Completed and transferred out Total costs accounted for EUP Required B > Direct Materials EUP EUP 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. EUP per EUP Percent Complete Conversion Cost per EUP Cost per EUP Conversion EUP EUP per EUP Total cost Total cost
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 31,000 420,000 411,000 40,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 52,000 20,100 1,631,400 1,079,700 Direct Materials Percent Complete 708 80% $ 72,100 2,711,100 $ 2,783,200 Conversion Percent Complete 30% 30%
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 Units 31,000 420,000 411,000 40,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 52,000 20,100 1,631,400 1,079,700 Direct Materials Percent Complete 708 80% $ 72,100 2,711,100 $ 2,783,200 Conversion Percent Complete 30% 30%
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