Help Save &Exlt; S Required Information The following information applies to the

Question

Help Save &Exlt; S Required Information The following information applies to the questions displayed below The Flelds Company has two manufacturing departments, forming and painting. The company uses the welghted-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: Beginaing work in process inventory Direct materials added during the month Conversion added during the month 79,100 1,800,200 1,179,000 Calculate the equivalent units of production for the forming department. Direct Materials Prev 1011 Next 30, s11 3 5 6 8 9

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 34,500 Add: Units Started in Process 490,000 Total Units to account for: 524,500 UNITS TO BE ACCOUNTED FOR: Units started and completed 494,500 Ending Work in Process 30,000 Total Units to be accounted for: 524,500 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units started and completed 100% 494,500 100% 494,500 Ending Work in Process 85% 25,500 35% 10,500 Total Equivalent units 520,000 505,000 Req 1 Eq. Units Direct material 520,000 Conversion 505,000 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 56,200 22,900 Cost Added during May 1,800,200 1,179,000 Total Cost to account for: 1,856,400 1,201,900 Total Cost to account for: 3,058,300 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 1,856,400 1,201,900 Equivalent Units 520,000 505,000 Cost per Equivalent unit 3.57 2.38 Req 2 Cost per Eq. unt Material 3.57 Converion 2.38 Req 3 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (494500 units) Equivalent unit Cost per EU Total Cost Material 494,500 3.57 1765365 Conversion Cost 494,500 2.38 1176910 Total Cost of Units completed and transferred out: 2942275 Ending Work in process (30,000 units) Equivalent unit Cost per EU Total Cost Material 25,500 3.57 91035 Conversison Cost 10,500 2.38 24990 Total cost of Ending Work in process: 116,025

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.