FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
Units
36,000
510,000
506,000
40,000
Conversion
Costs added this period
Direct materials.
Conversion
Total costs to account for
$ 57,400
23,700
1,879,400
1,214,320
Direct
Materials
Percent
Complete
65%
80%
$ 81,100
3,093,720
$ 3,174,820
Conversion
Percent
Complete
35%
30 %
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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. Units 36,000 510,000 506,000 40,000 Conversion Costs added this period Direct materials. Conversion Total costs to account for $ 57,400 23,700 1,879,400 1,214,320 Direct Materials Percent Complete 65% 80% $ 81,100 3,093,720 $ 3,174,820 Conversion Percent Complete 35% 30 %
Print
eferences
25
nces
Required A
Calculate the number of units started and completed this period for the Forming department.
Units started and completed
Show Transcribed Text
Required A
Required B Required C
Required B Required C
Beginning work in process
Started and completed
Ending work in process
Show Transcribed Text
Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
Costs added this period
+ Equivalent units of production (from part b)
Cost per equivalent unit of production
Show Transcribed Text
< Required A
Units
36,000
J
40,000
Direct Materials
Percent
Added
< Required A
Direct Materials
< Required B
EUP
Required B >
Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
Note: Round your answers to 2 decimal places.
EUP
per EUP
Conversion
Percent
Added
Required C >
Required C >
Conversion
EUP
EUP
per EUP
expand button
Transcribed Image Text:Print eferences 25 nces Required A Calculate the number of units started and completed this period for the Forming department. Units started and completed Show Transcribed Text Required A Required B Required C Required B Required C Beginning work in process Started and completed Ending work in process Show Transcribed Text Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Costs added this period + Equivalent units of production (from part b) Cost per equivalent unit of production Show Transcribed Text < Required A Units 36,000 J 40,000 Direct Materials Percent Added < Required A Direct Materials < Required B EUP Required B > Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. Note: Round your answers to 2 decimal places. EUP per EUP Conversion Percent Added Required C > Required C > Conversion EUP EUP per EUP
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