Calculate the costs per equivalent unit of production
Course:- Accounting Basics
Reference No.:- EM132048589

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question - 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 30,500 units in inventory, 65% complete as to materials and 35% complete as to conversion costs. The beginning inventory cost of $71,100 consisted of $51,400 of direct material costs and $19,700 of conversion cost.

During the month, the forming department started 410,000 units. At the end of the month, the forming department had 41,000 units in ending inventory, 90% complete as to materials and 40% 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 $ 71,100

Direct materials added during the month 1,432,360

Conversion added during the month 916,075

1. Calculate the equivalent units of production for the forming department.

2. Calculate the costs per equivalent unit of production for the forming department.

3. 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.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Damon would have control of the corporation after transfers by the two of them, says that she will transfer some property at the same time so that the two of them will have
At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income
You have been hired as a consultant for XYZ Research Co. XYZ Research Co. incorporated in 2010. XYZ ‘s business centers on developing new technology for interplanetary explo
What do you think is George Bush's desired conclusion? Make sure to include the computations of income.  How can the discrepancies in parts (a) and (b), and the motivation di
When a company buys equipment for $151,000 and pays for one fourth in cash and the other three fourths is financed by a note payable, which of the following are the effects
Normal 0 false false false EN-US X-NONE X-NONE
Rick knew that this deal was too good to be true and so he took advantage of the offer before the station owner realized what a giveaway this was. How much should Mr. Z. inc
Describe your department/agency/division budget and Describe the main focus or purpose(s) of the document - Describe major appropriations and changes from the previous year