Please identify each cell and what functions make it Process Costing using the W
ID: 2537955 • Letter: P
Question
Please identify each cell and what functions make it
Process Costing using the Weighted-Average Method 1. Compute the equivalent units of production using the weighted-average method 2. Compute the cost per equivalent unit using the weighted-average method 3. Assign costs to units using the weighted-average method. 4. Prepare a cost reconciliation report Process Costing using the Weighted-Average Method - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11A A Paste B 1 u . · A, Alignment Number Conditional Format as Cell Cells Editing Formatting- Table Styles* Clipboard Font A24 X Equivalent Units of Production 1 Hayword, Inc. uses weighted-average costing and has two departments- mixing and packaging. 2 The following information relates to work in the mixing department for the month of July: 4 Work in process, July 1: 5Units in process 6 Percent completed with respect to materials 7 Percent completed with respect to conversion 8 Cost in the beginning inventory: 9 Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 13 Materials cost 300 60% $10,500 $6,750 6,200 332,150 407,645 Conversion cost 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials 18 Percent completed with respect to conversion 19 20 Use the data to answer the following 21 221. Compute equivalent units 23 24 450 30% Mixing Department Equivalent Units of Production Sheet1 | t) + 100%Explanation / Answer
1. Equivalent units of production Equivalent units of Production Material Conversion Units transferred to next department 6050 6050 Ending work in process Material 180 Conversion 135 Equivalent units of Production 6230 6185 2. cost per unit of equivalent production Material Conversion Cost of beginning Wip 10500 6750 Cost added during the period 332150 407645 Total cost 342650 414395 Equivalent units 6230 6185 Cost per unit 55 67 3. Assign cost Material Conversion Total Ending wIp Equivalent units 180 135 Cost per unit 55 67 Cost of Ending work in process 9900 9045 18945 Units completed and transferred Equivalenet units 6050 6050 Cost per unit 55 67 Cost of units transferred 332750 405350 738100 4. Prepare reconciliation Cost to be accounted for Cost of beginning WIP 17250 Cost added to the process 739795 Total cost to be accounted for: 757045 Cost accounted for: Cost of ending work in process 18945 cost of units transferred 738100 Total cost accounted for 757045