Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Beginning work in process Direct materials Units 37,000 540,000 537,000 40,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 59,200 24,900 1,949,370 1,254,270 Direct Materials Percent Complete 80% 80% $ 84,100 3,203,640 $ 3,287,740 Conversion Percent Complete 20% 30% a. Calculate the equivalent units of production 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. 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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Beginning work in process Direct materials Units 37,000 540,000 537,000 40,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 59,200 24,900 1,949,370 1,254,270 Direct Materials Percent Complete 80% 80% $ 84,100 3,203,640 $ 3,287,740 Conversion Percent Complete 20% 30% a. Calculate the equivalent units of production 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.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Entity-Relationship (ER) diagram below illustrates the design of the FlowerDB database schema, including the names of the entities, the attribute data types, and the types of relation- ships....
-
What is the concept of the "Butterfly Effect" theory, and in what ways does it intersect with the genesis and evolution of social science disciplines?
-
Write your answer as a MySQL query statement, execute it, and take a screenshot of the results. If the query result has more than 10 records, limit the output to the top 10 before taking the...
-
Tubby Toys estimates that its new line of rubber ducks will generate sales of $7 million, operating costs of $4 million, and a depreciation expense of $1 million. If the tax rate is 35%, what is the...
-
Write a stepwise mechanism for the formation of benzaldehyde diethyl acetal from benzaldehyde and ethanol under conditions of acid catalysis.
-
The Salida Salt Company is considering making a bid to supply the highway department with rock salt to drop on roads in the county during the winter. The contract will guarantee a minimum of 17,000...
-
The soft-ride suspension system of the mountain bike is pinned at C and supported by the shock absorber BD. If it is designed to support a load P = 1500 N, determine the required minimum diameter of...
-
The December 31, 2014 balance sheet of Myers and Myers, prepared under generally accepted accounting principles, follows. (This problem requires knowledge of present value calculations. Refer to...
-
CIVE 421: Reinforced Concrete Design Summer 2 2023 2nd Exam - Open Book Open Notes 1. Shear and moment design problem - continuous beam span As2 Section 2 Section 1 Wu As2 Asl L = 24 ft Only moment...
-
1. Look at the list of accounts (in no particular order) of Geewhiz Productions at 30 November 2015 and decide which ones are income statement accounts. 2. Calculate net profit based on your answer...
-
Describe in words, the transformations you would apply to g(x) = -3cos r+45) - 2 f(r) = = cosx to produce
-
1.Your client has an asset of USD 1 million with a liability of USD 500,000. 2.The maturity of the liability is 20 years with the yield to maturity of 4%. 3.The client's investment horizon is 3...
-
Recently, you needed money and agreed to sell a car you had inherited at a price of $45,000 , to be paid in monthly payments of $1,300 for 45 months . What (annual) interest rate did you charge for...
-
Adam works as a financial analyst with General Motors. He was asked by his boss to evaluate two potential projects. The initial cost of project 1 is $300,000 and is expected to produce cash flows of...
-
A gear with a radius of 9.0 inches makes 15 revolutions every four seconds. Find the linear and angular velocities of a point on the outer edge of the gear. Give your answers in both exact and...
-
The Geneva mechanism is used in a packaging system to convert constant angular motion into intermittent angular motion. The star wheel A makes one sixth of a revolution for each full revolution of...
-
3. Solve y + 4y + 4y = 2-tt>o by MVP.
-
Define cultural intelligence. Cite the books or journal articles you found in Capella's library. Explain why cultural intelligence is important for HR practitioners and other organizational managers.
-
Use Apples financial statements in Appendix A to answer the following. Apples long- term debt is called Term debt under non-current liabilities. 1. Identify Apples long-term debt as reported on its...
-
Re-Tire produces bagged mulch from recycled tires. Production involves shredding tires and packaging the pieces in the Bagging department. All direct materials enter in the Shredding process. A...
-
A company has already spent $5,000 to harvest tomatoes. The tomatoes can be sold as is for $90,000. Instead, the company could incur further processing costs of $48,000 and sell the resulting salsa...
-
Find the maximum of the function using Trust region method \(f=15 x_{1}+8 x_{1} x_{2}+5 x_{2}\) subject to \(x_{1}+x_{2} \leq 10\)
-
Define trust region fidelity.
-
Calculate the reduction ratio \(r_{k}=\frac{f\left(X_{k} ight)-f\left(X_{k}+s_{k} ight)}{m_{k}\left(X_{k} ight)-m_{k}\left(X_{k}+s_{k} ight)}\) for the function given in problem 1 .
Study smarter with the SolutionInn App