Assign costs to the forming department output-specifically

Assignment Help Managerial Accounting
Reference no: EM132574983

Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 37,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $84,100 consisted of $59,200 of direct materials costs and $24,900 of conversion costs.

  • During the month, the forming department started 540,000 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 follows.

Beginning work in process inventory$84,100

Direct materials added during the month 1,949,370

Conversion added during the month 1,254,270

Question 1. Calculate the equivalent units of production for the forming department.

Question 2. Calculate the costs per equivalent unit of production for the forming department.

Question 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.

Reference no: EM132574983

Questions Cloud

Write a brief annotation of source : Describe the main ideas covered in the source as well as an evaluation by you for the source's usefulness for your project. Remember that an online source
Write brief methodology section for research paper : Write brief methodology section for research paper (Kindly check the thesis below). You can choose between Qualitative or Quantitative Methods.
How much would the managers suggested manipulation lower : By how much would the managers suggested manipulation lower the unit conversion costs? Maredo Leather Company manufactures top quality leather used by Roe
What are two ways that parental support benefits els : a. What are two ways that parental support benefits ELs?
Assign costs to the forming department output-specifically : Assign costs to the forming department's output-specifically, its units transferred to painting and its ending work in process inventory.
Identify and explain the role of culture in learning : 1. Identify and explain the role of culture in learning, and explain three ways in which teachers can incorporate culture into the curriculum.
Criminal justice process stages : Map (diagram) the criminal justice process stages from arrest through final appeal. You may use a simple flow chart or you may choose another type of chart
Develop an argument against stare decisis : Develop an argument against stare decisis. Provide an example of what this argument would look like.
Calculate the equivalent units of production for the forming : Calculate the costs per equivalent unit of production for the forming department. Calculate the equivalent units of production for the forming department.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd