Assignment : Chapter 17Weighted Average Process Costing The following information is available for Heigler Company for the month of May: Beginning WIP inventory, March................... 22,000 units Direct materials ......... 80% complete Conversion costs 40% complete Units started in March ... 48,000 units Ending WIP inventory .... ....... 10,000 units Direct materials. 70% complete Conversion costs ....... 40% complete Costs: Beginning Inventory Costs Incurred in May Materials Cost $24,000 $54,000 Conversion Cost $28,500 $55,000 Required: Using the EXCEL TEMPLATE PROVIDED IN MODULE 8B, complete the 5 steps to the WEIGHTED AVERAGE problem Name ACCT3110 FALL 2019 NOTE: YOU WILL NEED TO HARDCODE SOME INFORMATION PROVIDED IN THE PROBLEM (STEP 1 UNITS, %'s in Step 2, STEP 3 COSTS) Required: Complete the Process Costing Report and the related T-account for Work in Process which follows. USE EXCEL skills appropriately, GRADE See PDF file on D2L for the assigned problem/data PHYSICAL STEP 1 QUANTITIES Units to be accounted for: UNITS Equivalent Units Step 2 Materials Conversion Beginning WIP Started into production Total Units ENTER ENTER Units Accounted for: Transferred Out Ending WIP Total units EQU'S materials EQU's Conv. Materials Conversion TOTAL Step 3 COSTS Costs to be accounted for: Beginning WIP Started into production Total Costs for Period total matl costs total conv costs TOTAL COSTS UNIT COSTS: Step 4 Equivalent Units (from Step 2) Unit Costs (Cost per EQU) xxxxxxxxxxxxxxxx Step 5 COST RECONCILIATION SCHEDULE: (Step 2) Costs accounted for: UNITS Transferred Out (Step 3) Cost/EQU Ending WIP: Materials Conversion Costs TOTAL ENDING WIP TOTAL Costs Reconcile to Step 3 Total costs Work in Process Beginning Inv$ Transferred OUT Current period $ Ending Inventory Assignment : Chapter 17Weighted Average Process Costing The following information is available for Heigler Company for the month of May: Beginning WIP inventory, March................... 22,000 units Direct materials ......... 80% complete Conversion costs 40% complete Units started in March ... 48,000 units Ending WIP inventory .... ....... 10,000 units Direct materials. 70% complete Conversion costs ....... 40% complete Costs: Beginning Inventory Costs Incurred in May Materials Cost $24,000 $54,000 Conversion Cost $28,500 $55,000 Required: Using the EXCEL TEMPLATE PROVIDED IN MODULE 8B, complete the 5 steps to the WEIGHTED AVERAGE problem Name ACCT3110 FALL 2019 NOTE: YOU WILL NEED TO HARDCODE SOME INFORMATION PROVIDED IN THE PROBLEM (STEP 1 UNITS, %'s in Step 2, STEP 3 COSTS) Required: Complete the Process Costing Report and the related T-account for Work in Process which follows. USE EXCEL skills appropriately, GRADE See PDF file on D2L for the assigned problem/data PHYSICAL STEP 1 QUANTITIES Units to be accounted for: UNITS Equivalent Units Step 2 Materials Conversion Beginning WIP Started into production Total Units ENTER ENTER Units Accounted for: Transferred Out Ending WIP Total units EQU'S materials EQU's Conv. Materials Conversion TOTAL Step 3 COSTS Costs to be accounted for: Beginning WIP Started into production Total Costs for Period total matl costs total conv costs TOTAL COSTS UNIT COSTS: Step 4 Equivalent Units (from Step 2) Unit Costs (Cost per EQU) xxxxxxxxxxxxxxxx Step 5 COST RECONCILIATION SCHEDULE: (Step 2) Costs accounted for: UNITS Transferred Out (Step 3) Cost/EQU Ending WIP: Materials Conversion Costs TOTAL ENDING WIP TOTAL Costs Reconcile to Step 3 Total costs Work in Process Beginning Inv$ Transferred OUT Current period $ Ending Inventory
