No results Options iem Saved Help Save Ci The Fields Company

No results Options iem Saved Help Save Ci 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 m forming department has 36,000 units in inventory, 65% complete as tomaterials and 35% onth, the to conversion costs. The beginning inventory cost of $81,100 consisted of $57,400 of direct materials costs and $23,700 of conversion costs. During the month, the forming department started 510,000 units. At the end of the month, the forming department had 40,000 units in ending inventory, 80% complete as to materials and 30% 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: ???\'

Solution

Beginning work in process 36,000 Completed & Transferred 506,000 started during the year 510,000 Ending work in process 40,000 units to be accounted 546,000 units accounted for 546,000 1) Equivalent units units % mater materials % CC conversion completed & Transferred 506,000 100% 506,000 100% 506,000 Ending work in process 40,000 80% 32000 30% 12000 Equivalent units 546,000 538,000 518,000 Direct materials 538,000 Conversion 518,000 2) cost per Equivalent units of production Materials CC Total Beginning work in process 57,400 23,700 81,100 cost added during the year 1,879,400 1,214,320 3,093,720 total cost 1,936,800 1,238,020 3,174,820 Equivalent units 538,000 518,000 cost per unit 3.6 2.39 5.99 Direct materials 3.6 per EUP Conversion 2.39 per EUP 3) Cost Assignment and Reconciliation Cost of units transferred out EUP cost per EUP Total cost Direct Materials 506,000 3.6 1821600 Conversion 506,000 2.39 1209340 total costs transferred out          3,030,940 costs of ending work in process Direct Materials 32000 3.6 115200 Conversion 12000 2.39 28680 total cost of ending work in process              143,880 total costs assigned          3,174,820