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 36,000 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $82,100 consisted of $58,000 of direct materials costs and $24,100 of conversion costs. During the month, the forming department started 520,000 units. At the end of the month, the forming department had 40,000 units in ending inventory, 85% complete as to materials and 35% 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 $82,100
Direct materials added during the month 1,942,930
Conversion added during the month 1,359,730
1A. Calculate the equivalent units of production for the forming department.
1B. Calculate the costs per equivalent unit of production for the forming department.
1C. 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.

beginning WIP 36,000

$58,000 of direct materials costs

$24,100 of conversion costs

units started 520,000

units finished 516,000

materials added during the month $1,942,930

conversion added during the month $1,359,730

ending WIP 40,000

materials 85% complete, EU = 34,000

conversion 35%, EU = 14,000

total equivalent units

materials = 516,000 + 34,000 = 550,000

conversion = 516,000 + 14,000 = 530,000

cost per equivalent unit

materials = ($58,000 + $1,942,930) / 550,000 = $3.63805

conversion = ($24,100 + $1,359,730) / 530,000 = $2.611

total = $6.24905

costs assigned to

units transferred out = $6.24905 x 516,000 = $3,224,511

ending WIP = (34,000 x $3.63805) + (14,000 x $2.611) = $160,249

idk

explanation:

bc why nah

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.