Saved Required information The following information applies to the questions di

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Saved Required information The following information applies to the questions displayed below.) The Fields Company method of process costing. At the beginning of the month, the forming department has 2 complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $ $44,800 of direct materials costs and $15,300 of conversion costs. has two manufacturing departments, forming and painting. The company uses the weighted-average 60,100 consisted of 5,000 units in inventory, 60% During the month, the forming department started 300.000 units. At the end of the month, the forming department had 30,000 units in ending the forming department are transferred to the painting department inventory, 80% complete as to materials and 30% complete as to conversion. Units completed in 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 s 60,100 1,231,200 896,700 Calculate the equivalent units of production for the forming department Direct Materials

Explanation / Answer

Req1: UNITS TO ACCOUNT FOR: Beginning Work in Process units 25,000 Add: Units Started in Process 300,000 Total Units to account for: 325,000 UNITS TO BE ACCOUNTED FOR: Units started and completed 295,000 Ending Work in Process 30,000 Total Units to be accounted for: 325,000 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units started and completed 100% 295,000 100% 295,000 Ending Work in Process 80% 24,000 30% 9,000 Total Equivalent units 319,000 304,000 Req 2 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 44,800 15,300 Cost Added during May 1,231,200 896,700 Total Cost to account for: 1,276,000 912,000 Total Cost to account for: 2,188,000 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 1,276,000 912,000 Equivalent Units 319,000 304,000 Cost per Equivalent unit 4 3 Req 3 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (295000 units) Equivalent unit Cost per EU Total Cost Material 295,000 4 1180000 Conversion Cost 295,000 3 885000 Total Cost of Units completed and transferred out: 2065000 Ending Work in process (30,000 units) Equivalent unit Cost per EU Total Cost Material 24,000 4 96000 Conversison Cost 9,000 3 27000 Total cost of Ending Work in process: 123,000 Total cost assigned 2,188,000

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