Solution 1:
Computation of Equivalent units - Fields Company |
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Particulars | Physical Units | Equivalent units | |
Material | Conversion | ||
Work in Process, beginning | 34500 | ||
Started during the current period | 490000 | ||
Total units to account for | 524500 | ||
Units accounted for: | |||
Unit completed & Transferred out | 494500 | 494500 | 494500 |
Closing WIP: | 30000 | ||
Material (85%) | 25500 | ||
Conversion (35%) | 10500 | ||
Equivalent units of production | 524500 | 520000 | 505000 |
Solution 2:
Fields Company Computation of Cost per equivalent unit of Production |
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Particulars | Material | Conversion |
Opening WIP | $56,200.00 | $22,900.00 |
Cost Added during Period | $1,800,200.00 | $1,179,000.00 |
Total cost to be accounted for | $1,856,400.00 | $1,201,900.00 |
Equivalent units of production | 520000 | 505000 |
Cost per Equivalent unit | $3.57 | $2.38 |
Solution 3:
Fields Company Computation of Cost of ending WIP and units completed & transferred out |
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Particulars | Material | Conversion | Total |
Equivalent unit of Ending WIP | 25500 | 10500 | |
Cost per equivalent unit | $3.57 | $2.38 | |
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) | $91,035 | $24,990 | $116,025 |
Units completed and transferred | 494500 | 494500 | |
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) | $1,765,365 | $1,176,910 | $2,942,275 |
Fields Company Cost reconcilaition |
|
Particulars | Amount |
Costs to be accounted for: | |
Cost of beginning WIP inventory | $79,100.00 |
Cost added to production | $2,979,200.00 |
Total Cost to be accounted for | $3,058,300.00 |
Costs accounted for as follows: | |
Cost of unit transferred out | $2,942,275 |
Ending WIP | $116,025 |
Total cost accounted for | $3,058,300.00 |
Required information Use the following information for the Exercises below. The following information applies to the...
Required information Use the following information for the Exercises below. 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 34,500 units in inventory. 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $79,100 consisted of $56,200 of direct materials costs and $22.900 of...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] The 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 32,000 units in inventory, 65% complete as to materials and 35% complete as to conversion costs. The beginning inventory cost of $71,100 consisted of $51,400 of direct materials costs and $19,700 of...
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Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.) The 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 30,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $69,100 consisted of $50,200 of direct materials costs and $18,900...
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted- he beginning of the month, the forming department has 33,500 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $77,100 consisted of $55,000 of direct materials costs and $22,100 of conversion costs. During the month,...
Required information Use the following information for the Exercises below. [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, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $56,100 consisted of $40,000 of direct materials costs and $16,100 of conversion...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] The 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 31,000 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $72,100 consisted of $52,000 of direct materials costs and $20,100 of...
Required information Use the following information for the Exercises below. [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 34,000 units in inventory, 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $78,100 consisted of $55,600 of direct materials costs and $22,500 of...
Check my work Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) points eBook The 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, 75% complete as to materials and 25% complete as to conversion costs. The beginning inventory cost of $83,100 consisted of $58,600 of...
please show work Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] The 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 32,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $74,100 consisted of $53,200 of direct materials costs...