Exercise 16-6 Welghted average: Cost per EUP and costs assigned to output LO C2

Question

Exercise 16-6 Welghted average: Cost per EUP and costs assigned to output LO C2 The Feids Company has two manufacturing departments, forming and painting. The company uses the beginning inventory cost of $82,100 consisted of $58,000 of direct material costs and $24,100 of conversion method of process costing. At the of the month, the forming department has unts n inventory, 70% corploto as to materials and 30% omplete as conversion costs. The During the month, the forming department started 520,000 units. At the end of the month, the forming department had 52.000 units in endrg nventory, 85% complete as to materals and 35% complete as to Cost information for the forming department is as follows Beginning work in process inventory conversion. Units completed in the forming department are transferred to the painting department S 82,100 Direct materials added during the month 1,942,930 Conversion added during the month 1,359,730 1. Calculate the equivalent units of production for the forming department Direct Materials 2. Calculate the costs per equivalent unit of production for the forming department. (Round your answer to 2 decimal places EUP EUP Direct Materials 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 (Round your "costs per equivalent unit" to two decimal places and use the rounded answer in further computations) Cost of units transferred out EUP Cost per EUP Total cost Direct materials Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost 20 F2 F3 F4 FS F7

Explanation / Answer

Beginning work in process 36,000 Completed & Transferred 504,000 started during the year 520,000 Ending work in process 52,000 units to be accounted 556,000 units accounted for 556,000 1) Equivalent units units % mater materials % CC conversion completed & Transferred 504,000 100% 504,000 100% 504,000 Ending work in process 52,000 85% 44200 35% 18200 Equivalent units 556,000 548,200 522,200 Direct materials 548,200 Conversion 522,200 2) cost per Equivalent units of production Materials CC Total Beginning work in process 58,000 24,100 82,100 cost added during the year 1,942,930 1,359,730 3,302,660 total cost 2,000,930 1,383,830 3,384,760 Equivalent units 548,200 522,200 cost per unit 3.65 2.65 6.3 Direct materials 3.65 per EUP Conversion 2.65 per EUP 3) Cost Assignment and Reconciliation Cost of units transferred out EUP cost per EUP Total cost Direct Materials 504,000 3.65 1839600 Conversion 504,000 2.65 1335600 total costs transferred out          3,175,200 costs of ending work in process Direct Materials 44200 3.65 161330 Conversion 18200 2.65 48230 total cost of ending work in process             209,560 total costs assigned          3,384,760

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