IEExercise166StaticWeightedaverageCostperEUPandcostsassignedtooutputLOP1.xlsx
question data
Accessibility tab summary: Information about Fields Company is provided in rows 2 to 21. Statement 1 for student presentation is provided in row 24. Statement 2 for student presentation is provided in row 25. Statement 3 for student presentation is provided in rows 26 and 27.
Fields Company has two manufacturing departments, Forming and Painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the Forming department are transferred to the Painting department. (Click on the Graded Worksheet Tab below.)
Units
Direct Materials
Conversion
Percent Complete
Percent Complete
Beginning work in process inventory
25,000
60%
40%
Units started this period
300,000
Completed and transferred out
295,000
100%
100%
Ending work in process inventory
30,000
80%
30%
Production cost information for the Forming department follows.
Beginning work in process
Direct materials
$44,800
Conversion
15,300
$60,100
Costs added this period
Direct materials
1,231,200
Conversion
896,700
2,127,900
Total costs to account for
$2,188,000
Required:
a. Calculate the equivalent units of production (EUP) for both direct materials and conversion for the Forming department.
b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
c. 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.
Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work.
Nothing in this area will be graded, but it will be submitted with your assignment.
worksheet to be completed
Accessibility tab summary: Statement 1 for student presentation is provided in row 3. Table for student presentation is provided in A6 to F9. Statement 2 for student presentation is provided in row 11. Table for student presentation is provided in A13 to E18. Statement 3 for student presentation is provided in rows 20 and 21. Table for student presentation is provided in A23 to E32.
Required:
a. Calculate the equivalent units of production (EUP) for both direct materials and conversion for the Forming department. Formulas are needed in the yellow boxes and not just the answer
Units
Direct Materials
Conversion
Percent Complete
EUP
Percent Complete
EUP
Completed and transferred out
Ending work in process
Equivalent units of production
b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
Direct Materials
Conversion
Costs of beginning work in process
Costs added this period
Total costs
Costs per equivalent unit of production
per EUP
per EUP
c. 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.
Cost Assignment and Reconciliation
Completed and transferred out
EUP
Cost per EUP
Total cost
Direct materials
Conversion
Total Completed and transferred out
Ending work in process
EUP
Cost per EUP
Total cost
Direct materials
$0.00
Conversion
$0.00
Total cost of ending work in process
Total costs accounted for
Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work.
Nothing in this area will be graded, but it will be submitted with your assignment.