The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing

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 35,500 units in inventory, 65% complete as to materials and 35% complete as to conversion costs. The beginning inventory cost of $81,100 consisted of $57,400 of direct material costs and $23,700 of conversion cost. During the month, the forming department started 510,000 units. At the end of the month, the forming department had 51,000 units in ending inventory, 80% complete as to materials and 30% 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 $ 81,100 Direct materials added during the month 1,842,915 Conversion added during the month 1,276,290 1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs per equivalent unit of production for the forming department. 3. 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

On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances

On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances:

Accounts             Debit     Credit

 Cash     $              21,900                                                    

 Accounts Receivable                     36,500                                                    

 Inventory                           30,000                                                    

 Land                     61,600                                                    

 Allowance for Uncollectible Accounts                                                                    3,100      

 Accounts Payable                                                                           32,400    

 Notes Payable (8%, due in 3 years)                                                                         30,000    

 Common Stock                                                                                56,000    

 Retained Earnings                                                                           28,500    

 Totals   $              150,000                                 $              150,000                  

The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions:

January 3 Purchase 1,200 units for $126,000 on account ($105 each).

January 8 Purchase 1,300 units for $143,000 on account ($110 each).

January 12 Purchase 1,400 units for $161,000 on account ($115 each).

January 15 Return 100 of the units purchased on January 12 because of defects.

January 19 Sell 4,000 units on account for $600,000. The cost of the units sold is determined using a FIFO perpetual inventory system.

January 22 Receive $580,000 from customers on accounts receivable.

January 24 Pay $410,000 to inventory suppliers on accounts payable.

January 27 Write off accounts receivable as uncollectible, $2,500.

January 31 Pay cash for salaries during January, $128,000.

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