PROF SocratesThe 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 30,500 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 material costs and $19,700 of conversion cost. |
During the month, the forming department started 410,000 units. At the end of the month, the forming department had 41,000 units in ending inventory, 90% complete as to materials and 40% complete as to conversion. Units completed in the forming department are transferred to the painting department. |
Cost information for the forming department is as follows: |
| Beginning work in process inventory | $ | 71,100 |
| Direct materials added during the month | 1,561,200 | |
| Conversion added during the month | 1,061,700 | |
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| Assume that Fields uses the FIFO method of process costing. |
| 1. | Calculate the equivalent units of production for the forming department. |
| 2. | Calculate the costs per equivalent unit of production for the forming department. (Round your answer to 2 decimal places.) |
10 years ago
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