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 25,000 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion costs. During the month, the forming department started 300,000 units. At the end of the month, the forming department had 30,000 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 $ 60,100Direct materials added during the month 1,231,200Conversion added during the month 896,700 Required:
1. Calculate the equivalent units of production for the forming department.

Equivalent units of material   cost             319,000  units

Equivalent units of conversion cost    304,000 units

Explanation:

The weighted average cost of valuation does not separate the opening inventory from the units newly introduced when accounting for completed units in a production period.

The units to be transferred out = opening units +  newly started - closing inventory

Transferred out = 25,000 + 300,000 - 30,000 = 295,000

The equivalent unit will be determined as follows:

Equivalent units of material

Item                         units              workings              Equivalent unit

Transferred out     295,000       100% × 295,000 =   295,000

Closing inventory  30,000        80% × 30,000 =        24,000

Equivalent unit of material                                         319,000          

Equivalent units of conversion cost

Item                         units              workings              Equivalent unit

Transferred out     295,000       100% × 295,000 =   295,000

Closing inventory  30,000        30% × 30,000 =        9,000

Equivalent unit of conversion cost                            304,000

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