Chapter 4: Applying Excel 200 35% 50% Data Beginning work in process inventory: Units in process Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: Materials cost Conversion cost Units started into production during the period Costs added to production during the period Materials cost Conversion cost Ending work in process inventory Units in process Completion with respect to materials Completion with respect to conversion $2,411 $7,903 10.000 $339.217 $778,337 400 40% 70% Enter a formula into each of the cells marked with a ? below 1 Conversion 2 2 Weighted Average method: 3 4 Equivalent Units of Production 5 Materials 6 Units transferred to the next department ? 7 Equivalent units in ending work in process inventory: 8 Materials ? 9 Conversion o Equivalent units of production 1 Costs per Equivalent Unit 33 Materials 34 Cost of beginning work in process inventory ? Costs added during the period ? 86 Total cost ? 37 Equivalent units of production Cost per equivalent unit ? Conversion ? ? ? 2 ? ? 40 Costs of Ending Work in Process Inventory and the Units Transferred Out 47 Materials Conversion Total 42 Ending work in process inventory: 43 Equivalent units ? -2 14 Cost per equivalent unit ? 2. Cost of ending work in process inventory 2 ? 45 46 Units completed and transferred out: Units transferred to the next department ? 48 2 ? Cost per equivalent unit ? 49 Cost of units transferred out 2 50 ? cc.. 2 2 54 ; Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for ? 2 2 516 57 ? ? 59 60 ? If your formulas are correct, you should get the correct answers to the following questions. (a) What is the equivalent units of production for materials? Equivalent units of production for materials (b) What is the equivalent units of production for conversion? Equivalent units of production for conversion (c) What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.) Cost per equivalent unit for materials (d) What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.) Cost per equivalent unit for conversion (e) What is the cost of the units transferred out? (Round your cost per equivalent unit to 2 decimal places.) s Cost of units transferred out 1 (f) Which of the following statements are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) In the weighted-average method, the percentage completion of beginning inventory has no effect on the equivalent units of production. In the weighted-average method, the percentage completion of beginning inventory has no effect on the cost per equivalent unit. In the weighted-average method, the percentage completion of beginning inventory has no effect on the cost of the units transferred out SI