1 answer

Required information Use the following information for the Exercises below. The following information applies to the...

Question:

Required information Use the following information for the Exercises below. The following information applies to the question
Calculate the costs per equivalent unit of production for the forming department. per EUP Direct Materials Conversion per EUP
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method of process costing. At the beginning of the month, the forming department has 34,500 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $79,100 consisted of $56,200 of direct materials costs and $22.900 of conversion costs During the month, the forming department started 490,000 units. At the end of the month, the forming department had 30,000 units in ending inventory. 85% complete as to materials and 35% complete as to conversion Units completed in the forming department are transferred to the painting department Cost information for the forming department is as follows: $ Beginning work in process inventory Direct materials added during the month Conversion added during the month 79,100 1.800,200 1.179.000 Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output LO C2 Calculate the equivalent units of production for the forming department. Direct Materials Conversion
Calculate the costs per equivalent unit of production for the forming department. per EUP Direct Materials Conversion per EUP 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 Cost per EUP Total cost Cost Assignment and Reconciliation Cost of units transferred out Direct materials Conversion EUP Cost per EUP Total cost Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs assigned

Answers

Solution 1:


Computation of Equivalent units - Fields Company
Particulars Physical Units Equivalent units
Material Conversion
Work in Process, beginning 34500
Started during the current period 490000
Total units to account for 524500
Units accounted for:
Unit completed & Transferred out 494500 494500 494500
Closing WIP: 30000
Material (85%) 25500
Conversion (35%) 10500
Equivalent units of production 524500 520000 505000

Solution 2:

Fields Company
Computation of Cost per equivalent unit of Production
Particulars Material Conversion
Opening WIP $56,200.00 $22,900.00
Cost Added during Period $1,800,200.00 $1,179,000.00
Total cost to be accounted for $1,856,400.00 $1,201,900.00
Equivalent units of production 520000 505000
Cost per Equivalent unit $3.57 $2.38

Solution 3:

Fields Company
Computation of Cost of ending WIP and units completed & transferred out
Particulars Material Conversion Total
Equivalent unit of Ending WIP 25500 10500
Cost per equivalent unit $3.57 $2.38
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) $91,035 $24,990 $116,025
Units completed and transferred 494500 494500
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) $1,765,365 $1,176,910 $2,942,275
Fields Company
Cost reconcilaition
Particulars Amount
Costs to be accounted for:
Cost of beginning WIP inventory $79,100.00
Cost added to production $2,979,200.00
Total Cost to be accounted for $3,058,300.00
Costs accounted for as follows:
Cost of unit transferred out $2,942,275
Ending WIP $116,025
Total cost accounted for $3,058,300.00
.

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