1) Below you will use the following production and cost information from the Pouring Department and the general ledger for the month. This information will be used to complete Sheet 2. The cells on Sheet 1 require no manual data input This exercise will only involve computing process costing in the Pouring Department. (there is NO requirement for computing process costing in the Finishing Department From the textbook. Note, one major change from the textbook is in red. Here is the relevant data that I've gathered for last quarter for the Pouring Department. You do not have to worry about the Finishing Department Remember we use the weighted average method. All the materials are added at the beginning of the pouring process. Below are the figures I've pulled from the accounting system. Because we are creating a variety of different size candles, we will create the costs using candle-inches. Then we can just figure out the cost of a particular size candle by multiplying the per-inch cost by the height of the candle. Josey Production Report - Pouring Information from the General Ledger % of Completion DM 100% 85% Beginning Inventory in Candle-Inches Units added during the month Ending WIP inventory in units Units 3,000 27,500 4,250 Costs in Beginning Inventory Costs added during the month Pouring DM $ 1,750 $ 500 $ 16,500 $ 5,250 100% 60% Chapter 4 Concepts Video I have produced a video that provides an example of process costing in a two department operation (cooking and packaging). This video provides a step-by-step guide on computing physical inventory movement and inventory value on a weighted average basis using process costing. This is the exact same process you will use to complete your Chapter concepts Assignment for Wedgewood Candles. You may want to consider viewing this video to assist you in completing you assignment; or start and stop the video to help guide you through your workbook computations. The following provides the following criteria for which I will be grading your assignment Grading Criteria Chapter 4 Concepts Assignment (30 pts.) Sheet 1 contains no grading criteria. It contains the input for completing the remainder of the workbook. Sheet 2 of this workbook will be graded using the following criteria. (19 pts.) a. Cells in Green or Orange should have not manual input except for Excel formulas or data references to/from other cells in the workbook. b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). c. The process cost computation has a very specific format. Ensure you create the proper computation format by using the appropriate Excel from/to data a references and formulas. Sheet 3 of this workbook will be graded using the following criteria. (11 pts.) a. Post journal entries to: (6 pts.) 1) establish beginning balances; 2) record the DM and CC incurred for the Pouring Department (along with the offsetting credits)for the period; 3) transfer the DM and CC costs of the "completed" candle inches of production for the month from the Pouring Department to the Finishing Department, and 4) Total the general ledger account balances for the WIP accounts for Pouring and Finishing. b. All cells should have proper report formatting (2 pts.) 1) Cells with dollars should be formatted with the $ prefix 2) Cells with dollars and cents should have the dollars and cents format ($00.00) c. T-account postings properly posted and totaled. (3 pts.) 2) Complete the physical unit, EUP and weighted average cost for the Pouring Department. The key is to be able to update this sheet from sheet 1 Cells in green need to be referenced from Sheet 1 data. You should not use manual data input into these cells. The data from cells in orange are the result of automatically using data from cells referenced in Sheets 1, 2 or 3., These cells should require NO manual input. In other words, these cells should be programmed to automatically recalculate data as data in the reference Cost per EUP - Pouring Department Total Pouring Costs Direct Materials Conversion Costs Pouring Department Weighted Average Cost Calculations Direct Physical Materials Conversion Units costs Costs Beginning inventory Units added to pouring Total units to account for Ending inventory Units transferred to Finishing % of completion ending inventory Units transferred to finishing EUP in ending inventory EUP generated for this period Cost per EUP Data should automatically be transferred from production cost report and general ledger data in the worksheet titled "Sheet 1" Automatically computed by other data in the workbook. No data should be entered in these cells other than Excel data references to other cells or spreadsheets, or formulas. Cells should be formatted to indicate dollars ($), percentages (%) whole numbers or characters (ab c d e f). All Cells Grading Criteria for Sheet 2 (19 pts) a. Cells in Green or Orange should have not manual input except for Excel formulas or data references to/from other cells in the workbook. (3 pts.) b. All cells should have proper report formatting, Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (3 pts) C. The process cost computation has a very specific format. Ensure you create the proper computation format by using the appropriate Excel from/to data references and formulas. If you do not understand the computation required, refer to the Chapter 4 Concepts Video available in your classroom. Also, each of the Orange cells have computation hints if you hover over them (13 pts.) 3) Based upon the information of cost movement in sheet 2, create the journal entries to: a) Record the costs incurred by the Pouring Department for the current month (use the misc. credits account to to offset any of the debit entries) b) Transfer the costs in Sheet 2 from the Pouring Department to the Finishing Department (Use the account called "WIP - Finishing - Pouring Costs Transferred In" to transfer the total cost.) c) Post the a and b transactions to the gl accounts d) Total Pouring Department account balances at the end of the month (total individual gl accounts) Account DB CR a To record the direct material costs used in the Pouring Dept for the month To record the conversion costs used in the Pouring Dept for the month b c&d WIP - Finishing - Pouring Costs Transferred In Misc. Credits WIP - Pouring - Direct Materials $1,750 WIP - Pouring - Conversion Costs $500 bb bb Grading Criteria for Sheet 3 (11 pts.) (Refer to the Chapter 4 Concepts Video available in your classroom for guidance for Sheet 3.) a. Post journal entries to: 1) record the DM and CC incurred for the Pouring Department (along with the offsetting credits) for the period; 2) transfer the DM and CC costs of the "completed" candle inches of production for the month from the Pouring Department to the Finishing Department; and 3) Total the general ledger account balances for the WIP accounts for Pouring and Finishing. (6 pts.) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix. Cells with dollars and cents should have the dollars and cents format ($00.00) (2 pts.) C. T-account postings properly posted and totaled. (3 pts.) 1) Below you will use the following production and cost information from the Pouring Department and the general ledger for the month. This information will be used to complete Sheet 2. The cells on Sheet 1 require no manual data input This exercise will only involve computing process costing in the Pouring Department. (there is NO requirement for computing process costing in the Finishing Department From the textbook. Note, one major change from the textbook is in red. Here is the relevant data that I've gathered for last quarter for the Pouring Department. You do not have to worry about the Finishing Department Remember we use the weighted average method. All the materials are added at the beginning of the pouring process. Below are the figures I've pulled from the accounting system. Because we are creating a variety of different size candles, we will create the costs using candle-inches. Then we can just figure out the cost of a particular size candle by multiplying the per-inch cost by the height of the candle. Josey Production Report - Pouring Information from the General Ledger % of Completion DM 100% 85% Beginning Inventory in Candle-Inches Units added during the month Ending WIP inventory in units Units 3,000 27,500 4,250 Costs in Beginning Inventory Costs added during the month Pouring DM $ 1,750 $ 500 $ 16,500 $ 5,250 100% 60% Chapter 4 Concepts Video I have produced a video that provides an example of process costing in a two department operation (cooking and packaging). This video provides a step-by-step guide on computing physical inventory movement and inventory value on a weighted average basis using process costing. This is the exact same process you will use to complete your Chapter concepts Assignment for Wedgewood Candles. You may want to consider viewing this video to assist you in completing you assignment; or start and stop the video to help guide you through your workbook computations. The following provides the following criteria for which I will be grading your assignment Grading Criteria Chapter 4 Concepts Assignment (30 pts.) Sheet 1 contains no grading criteria. It contains the input for completing the remainder of the workbook. Sheet 2 of this workbook will be graded using the following criteria. (19 pts.) a. Cells in Green or Orange should have not manual input except for Excel formulas or data references to/from other cells in the workbook. b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). c. The process cost computation has a very specific format. Ensure you create the proper computation format by using the appropriate Excel from/to data a references and formulas. Sheet 3 of this workbook will be graded using the following criteria. (11 pts.) a. Post journal entries to: (6 pts.) 1) establish beginning balances; 2) record the DM and CC incurred for the Pouring Department (along with the offsetting credits)for the period; 3) transfer the DM and CC costs of the "completed" candle inches of production for the month from the Pouring Department to the Finishing Department, and 4) Total the general ledger account balances for the WIP accounts for Pouring and Finishing. b. All cells should have proper report formatting (2 pts.) 1) Cells with dollars should be formatted with the $ prefix 2) Cells with dollars and cents should have the dollars and cents format ($00.00) c. T-account postings properly posted and totaled. (3 pts.) 2) Complete the physical unit, EUP and weighted average cost for the Pouring Department. The key is to be able to update this sheet from sheet 1 Cells in green need to be referenced from Sheet 1 data. You should not use manual data input into these cells. The data from cells in orange are the result of automatically using data from cells referenced in Sheets 1, 2 or 3., These cells should require NO manual input. In other words, these cells should be programmed to automatically recalculate data as data in the reference Cost per EUP - Pouring Department Total Pouring Costs Direct Materials Conversion Costs Pouring Department Weighted Average Cost Calculations Direct Physical Materials Conversion Units costs Costs Beginning inventory Units added to pouring Total units to account for Ending inventory Units transferred to Finishing % of completion ending inventory Units transferred to finishing EUP in ending inventory EUP generated for this period Cost per EUP Data should automatically be transferred from production cost report and general ledger data in the worksheet titled "Sheet 1" Automatically computed by other data in the workbook. No data should be entered in these cells other than Excel data references to other cells or spreadsheets, or formulas. Cells should be formatted to indicate dollars ($), percentages (%) whole numbers or characters (ab c d e f). All Cells Grading Criteria for Sheet 2 (19 pts) a. Cells in Green or Orange should have not manual input except for Excel formulas or data references to/from other cells in the workbook. (3 pts.) b. All cells should have proper report formatting, Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (3 pts) C. The process cost computation has a very specific format. Ensure you create the proper computation format by using the appropriate Excel from/to data references and formulas. If you do not understand the computation required, refer to the Chapter 4 Concepts Video available in your classroom. Also, each of the Orange cells have computation hints if you hover over them (13 pts.) 3) Based upon the information of cost movement in sheet 2, create the journal entries to: a) Record the costs incurred by the Pouring Department for the current month (use the misc. credits account to to offset any of the debit entries) b) Transfer the costs in Sheet 2 from the Pouring Department to the Finishing Department (Use the account called "WIP - Finishing - Pouring Costs Transferred In" to transfer the total cost.) c) Post the a and b transactions to the gl accounts d) Total Pouring Department account balances at the end of the month (total individual gl accounts) Account DB CR a To record the direct material costs used in the Pouring Dept for the month To record the conversion costs used in the Pouring Dept for the month b c&d WIP - Finishing - Pouring Costs Transferred In Misc. Credits WIP - Pouring - Direct Materials $1,750 WIP - Pouring - Conversion Costs $500 bb bb Grading Criteria for Sheet 3 (11 pts.) (Refer to the Chapter 4 Concepts Video available in your classroom for guidance for Sheet 3.) a. Post journal entries to: 1) record the DM and CC incurred for the Pouring Department (along with the offsetting credits) for the period; 2) transfer the DM and CC costs of the "completed" candle inches of production for the month from the Pouring Department to the Finishing Department; and 3) Total the general ledger account balances for the WIP accounts for Pouring and Finishing. (6 pts.) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix. Cells with dollars and cents should have the dollars and cents format ($00.00) (2 pts.) C. T-account postings properly posted and totaled. (3 pts.)