Question

Fielding Corporation is a biotech company that makes a cancer- treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Fielding uses the weighted- average method of process costing. The following information for July 2013 is available.


aDegree of completion: direct materials, 100%; conversion costs, 15%.
bDegree of completion: direct materials, 100%; conversion costs, 70%.



Required
1. Calculate equivalent units for direct materials and conversion costs.
2. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work inprocess.


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  • CreatedJanuary 15, 2015
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