IE Exercise 16 6 Static Weighted average Cost per EUP and costs assigned to output LO P1
I need the formulas that go into the yellow boxes, just providing the answers will not work
2 years ago
10
IEExercise166StaticWeightedaverageCostperEUPandcostsassignedtooutputLOP1.xlsx
IEExercise166StaticWeightedaverageCostperEUPandcostsassignedtooutputLOP1.xlsx
question data
| Accessibility tab summary: Information about Fields Company is provided in rows 2 to 21. Statement 1 for student presentation is provided in row 24. Statement 2 for student presentation is provided in row 25. Statement 3 for student presentation is provided in rows 26 and 27. | |||
| 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. (Click on the Graded Worksheet Tab below.) | |||
| Units | Direct Materials | Conversion | |
| Percent Complete | Percent Complete | ||
| Beginning work in process inventory | 25,000 | 60% | 40% |
| Units started this period | 300,000 | ||
| Completed and transferred out | 295,000 | 100% | 100% |
| Ending work in process inventory | 30,000 | 80% | 30% |
| Production cost information for the Forming department follows. | |||
| Beginning work in process | |||
| Direct materials | $44,800 | ||
| Conversion | 15,300 | $60,100 | |
| Costs added this period | |||
| Direct materials | 1,231,200 | ||
| Conversion | 896,700 | 2,127,900 | |
| Total costs to account for | $2,188,000 | ||
| Required: | |||
| a. Calculate the equivalent units of production (EUP) 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. | |||
| Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. | |||
| Nothing in this area will be graded, but it will be submitted with your assignment. | |||
worksheet to be completed
| Accessibility tab summary: Statement 1 for student presentation is provided in row 3. Table for student presentation is provided in A6 to F9. Statement 2 for student presentation is provided in row 11. Table for student presentation is provided in A13 to E18. Statement 3 for student presentation is provided in rows 20 and 21. Table for student presentation is provided in A23 to E32. | |||||
| Required: | |||||
| a. Calculate the equivalent units of production (EUP) for both direct materials and conversion for the Forming department. Formulas are needed in the yellow boxes and not just the answer | |||||
| Units | Direct Materials | Conversion | |||
| Percent Complete | EUP | Percent Complete | EUP | ||
| Completed and transferred out | |||||
| Ending work in process | |||||
| Equivalent units of production | |||||
| b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. | |||||
| Direct Materials | Conversion | ||||
| Costs of beginning work in process | |||||
| Costs added this period | |||||
| Total costs | |||||
| Costs per equivalent unit of production | per EUP | per EUP | |||
| 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. | |||||
| Cost Assignment and Reconciliation | |||||
| Completed and transferred out | EUP | Cost per EUP | Total cost | ||
| Direct materials | |||||
| Conversion | |||||
| Total Completed and transferred out | |||||
| Ending work in process | EUP | Cost per EUP | Total cost | ||
| Direct materials | $0.00 | ||||
| Conversion | $0.00 | ||||
| Total cost of ending work in process | |||||
| Total costs accounted for | |||||
| Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. | |||||
| Nothing in this area will be graded, but it will be submitted with your assignment. | |||||
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