Answer:
The Fields Company
Units % of Completion Equivalent Units
Mat. C. Costs Mat. C. Costs
Beginning Inv. 29000 75 25 21750 7250
Units started 380,000 380,000 380,000
Less Ending
Units 38000 90 40 34200 15200
Equivalent Units 371,000 367,550 372,050
1) Equivalent units of production for the forming department.
Materials = 367,550 Conversion costs 372,050
2) The costs per equivalent unit of production for the forming department.
Materials = $1,206,520 /367,550= 3.2826= 3.283= $3.28
Conversion costs= $908,3801./ 372,050= $ 24.4155= $24.42
3)Ending Work In Process Inventory Costs =$ 112176+$ 371116.18= $ 483,292.18
Materials = 34200 * $3.28= $ 112176
Conversion Costs = 15200*$24.42= $ 371116.18
Costs Transferred from Forming Department $ 9875,128.82
Beginning work in process inventory $ 68,100
Add Direct materials Costs$ 1,206,520
Add Conversion Costs 908,3801.
Total 10358,421
Less Ending WIP 483,292.18
Costs Transferred $ 9875,128.82