Chapter 5: Applying Excel Data Beginning work in process inventory: \begin{tabular}{|l|r|} \hline Units in process & 200 \\ \hline Completion with respect to materials & 55% \\ \hline Completion with respect to conversion & 30% \\ \hline Costs in the beginning work in process inventory: & \\ \hline Materials cost & $9,600 \\ \hline Conversion cost & $5,575 \\ \hline Units started into production during the period & 5,000 \\ \hline Costs added to production during the period: & \\ \hline Materials cost & $368,600 \\ \hline Conversion cost & $350,900 \\ \hline Ending work in process inventory: & 400 \\ \hline Units in process & 40% \\ \hline Completion with respect to materials & 25% \\ \hline Completion with respect to conversion & \\ \hline \end{tabular} Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production \begin{tabular}{l|r|r|} \hline & Materials & Conversion \\ \hline Units transferred to the next department & 4,800 & 4,800 \\ \hline Equivalent units in ending work in process inventory: & & \\ \hline Materials & 160 & \\ \hline Conversion & & 100 \\ \hline Equivalent units of production & 4,960 & 4,900 \\ \hline \hline \end{tabular} Costs per Equivalent Unit Costs of Ending Work in Process Inventory and the Units Transferred Out \begin{tabular}{|l|r|r|r|} \hline Ending work in process inventory: & Materials & Conversion & \multicolumn{1}{|c|}{ Total } \\ \hline Equivalent units & & & \\ \hline Cost per equivalent unit & 160 & 100 & \\ \hline Cost of ending work in process inventory & $76.25 & $72.75 & \\ \hline & $12,200 & $7,275 & $19,475 \\ \hline Units completed and transferred out: & & & \\ \hline Units transferred to the next department & & & \\ \hline Cost per equivalent unit & 4,800 & 4,800 & \\ \hline Cost of units transferred out & $76.25 & $72.75 & \\ \hline \end{tabular} Cost Reconciliation Costs to be accounted for: \begin{tabular}{l|r} \hline Cost of beginning work in process inventory & $15,175 \\ \hline Costs added to production during the period & $719,500 \\ \hline Total cost to be accounted for & $734,675 \\ \hline \hline \end{tabular} Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for \begin{tabular}{r|} $19,475 \\ \hline$715,200 \\ \hline$734,675 \\ \hline \hline \end{tabular} Requirement 2: Change all of the numbers in the data area of your worksheet so that it looks like this: 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? (b) What is the equivalent units of production for conversion? (c) What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.) (d) What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.) (e) What is the cost of the units transferred out? Requirement 3: Either print a copy of your worksheet or make a copy of the worksheet in your workbook before proceeding. You will need to refer back to this worksheet. Change the percentage completion with respect to conversion for the beginning inventory from 60% to 45%, but keep everything the same as in Requirement 2 . The data area of your worksheet should now look like this: 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? (b) What is the equivalent units of production for conversion? (c) What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.) (d) What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.) (e) What is the cost of the units transferred out? f) Which of the following statements are true? (You may select more than one answer. Single click the box with the question mark to oroduce 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