1) compute equivalent units of production under weighted average method
Particular | material | conversion |
Unit's completed and transferred(note below) |
(453000×100%) 453000 |
(453000×100%) 453000 |
Ending inventory |
(40000×85%) 34000 |
(40000×45%) 18000 |
Total equivalent units | 487000 | 471000 |
Note unitsunitsts completed and transferred =$33000+$460000-$40000=$453000
2) compute cost per Equivalent unit
Particular | material | conversion |
(a) cost of beginning | $54400 | $21700 |
(b) cost added during the month | $1708540 | $1132250 |
(C) total cost (a+b) | $1762540 | $1153950 |
(D) equivalent units | 487000 | 471000 |
Cost per Equivalent unit(c/d) | $3.62 | $2.45 |
3) cost assigned
Particular | amount ($) | amount ($) |
Cost of units transferred | ||
Material (453000×$3.62) | 1639860 | |
Conversion (453000×$2.45) | 1109850 | |
Total cost transferred out | 2749710 | |
Cost of ending work in process | ||
Material ( 34000×$3.62) | 123080 | |
Conversion(18000×$2.45) | 44100 | |
Total cost of ending inventory | 167180 | |
Total cost assigned | $2916890 |
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Required information [The following information applies to the questions displayed below.] Fields Company has two manufacturing...
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pt 2. The following information applies to the questions displayed below! 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 27,000 units in Inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $63,200 consisted of $47.200 of direct materials costs and $16,000 of conversion costs During the month, the forming department...
Required information (The following information applies to the questions displayed below) 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 35,000 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $80,100 consisted of $56,800 of direct materials costs and $23.300 of conversion costs. During the month, the forming department...
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