Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answers needed for the highlighted cells, formula needed as well. For example =B7+C7. i Will Like Saved 1 Hayword, Inc, uses weighted-average costing and has

Answers needed for the highlighted cells, formula needed as well. For example "=B7+C7". i Will Like
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Saved 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: \begin{tabular}{lll|} \hline 5 & Units in process & 300 \\ 6 & Percent completed with respect to materials & 60% \\ 7 & Percent completed with respect to conversion & 40% \end{tabular} 8 Cost in the beginning inventory: \begin{tabular}{c|cr} 9 & Materials cost & $10,500 \\ 10 & Conversion cost & $6,750 \\ 11 & Units started into production during the period & 6,200 \end{tabular} 12 Costs added to production during the period: \begin{tabular}{l|l|l|} 13 & Materials cost & $332.150 \\ 14 & Conversion cost & $407.645 \end{tabular} 15 Work in process, July 31: \begin{tabular}{|c|l|c|} \hline 16 & Units in process & 450 \\ \hline 17 & Percent completed with respect to materials & 40% \\ \hline 18 & Percent completed with respect to conversion & 305 \\ \hline 19 & & \end{tabular} Use the data to answer the following. 1. Compute equivalent units: Mixing Department Equivalent Units of Production ., , ... Sheet1 Resar Attempt(s) Prey 1 of 1 iti Next Saved 1. Compute equivalent units. Mixing Department Equivalent Units of Production Materials Conversion Units transferred to the next department Ending work in process: Materials Conversion Equivalent units of production 2. Compute cost per equivalent unit. \begin{tabular}{|c|c} 33 & Mixing Department \\ 34 & Cost per Equivalent Unit \\ 35 & \end{tabular} Cost of beginning work in process Cost added during the period Total cost Equivalent units of production Cost per equivalent unit 3. Assign costs. 43 Mixing Department. Costs of Ending Work in Process Inventory and the Units Transferred Out Sheet. REAOY Attempt(s) Saved Saved Styles Font x Hayword, Inc, uses weighted-average costing and has two di A. B C D Cost of ending work in process inventory Units completed and transferred out: Units transferred to the next department Cost per equivalent unit Cost of units transferred out 4. Prepare reconciliation. 57 Mixing Department 58 Cost Reconciliation 59 Costs to be accounted for: 60 Cost of beginning work in process inventory 61 Costs added to production during the period 62 Total cost to be accounted for 63 Costs accounted for as follows: 64 Cost of ending work in process inventory Cost of units transferred out Total cost accounted for 67 68 69 70

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

5th edition

978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061

Students also viewed these Accounting questions