code excel worksheets to complete a process costing report using the Weighted Average and FIFO method On the attached file you will see the data necessary to complete the two reports Three worksheet tabs at the bottom show you where to construct your answers for both inventory methods The first tab shows the given data that you will use to complete the assignment Process Costing Physical Units Direct Materials Conversion Cost Total Cost FIFO method, assigning costs Work in process, beginning inventory 20,500 $ 200,000 $ 135,000 $ 335,000 Degree of completion of beginning work in progress 100 45 The assembly division of Quality Time Pieces, Inc uses the FIFO method of process costing Consider the following data for the month of May 2020 Started during period 135,000 Good units completed and transferred out during the period 119,000 Physical Units (Watches) Direct Materials Conversion Costs Work in process, ending inventory 25,000 Beginning work in process (May 1) a 100 $459,888 $142,570 Degree of completion of ending work in process 100 75 Started in May 2020 510 Total cost added during period $ 880,000 $ 1,050,000 Completed during May 2020 450 Normal spoilage as a percent of good units 5 Ending work in process (May 31) b 160 Degree of completion of normal spoilage 100 100 Total costs added during May 2020 $3,237,000 $1,916,000 Degree of completion of abnormal spoilage 100 100 a Degree of completion Degree of completion transferred out units total units to account for 100 100 Direct materials 80 Conversion costs 35 b Degree of completion Direct materials 80 Beginning WIP 20,500 Conversion costs 40 Started units 135,000 Total units to account for 155,500 Equivalent Units transferred out 119,000 Flow of Production Direct Materials Conversion Costs Ending WIP 25,000 Completed and transferred out during current period total spoilage 11,500 From beginning work in process 20 65 normal spoilage 7,775 Started and completed 350 350 abnormal spoilage 3,725 Work in process, ending 128 64 Equivalent units of work done in current period 498 479 Use the blue shaded areas on the ENTERANSWERS tab for inputs Always use cell references and formulas where appropriate to receive full credit If you copy paste from the Instructions tab or if you type the numbers in, you will be marked wrong

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code excel worksheets to complete a process costing report using the Weighted Average and FIFO method. On the attached file you will see the data

code excel worksheets to complete a process costing report using the Weighted Average and FIFO method. On the attached file you will see the data necessary to complete the two reports. Three worksheet tabs at the bottom show you where to construct your answers for both inventory methods. The first tab shows the given data that you will use to complete the assignment.

Process Costing							Physical Units	Direct Materials	Conversion Cost	Total Cost
FIFO method, assigning costs						Work in process, beginning inventory	20,500	$ 200,000	$ 135,000	$ 335,000
						Degree of completion of beginning work in progress		100%	45%
The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2020:	Started during period	135,000
						Good units completed and transferred out during the period	119,000
		Physical Units (Watches)	Direct Materials	Conversion Costs		Work in process, ending inventory	25,000
	Beginning work in process (May 1) ^a	100	$459,888	$142,570		Degree of completion of ending work in process		100%	75%
	Started in May 2020	510				Total cost added during period		$ 880,000	$ 1,050,000
	Completed during May 2020	450				Normal spoilage as a percent of good units	5%
	Ending work in process (May 31)^b	160				Degree of completion of normal spoilage		100%	100%
	Total costs added during May 2020		$3,237,000	$1,916,000		Degree of completion of abnormal spoilage		100%	100%
	^aDegree of completion:					Degree of completion transferred out units total units to account for:		100%	100%
	Direct materials	80%
	Conversion costs	35%
	^bDegree of completion:
	Direct materials	80%				Beginning WIP	20,500
	Conversion costs	40%				Started units	135,000
						Total units to account for	155,500
		Equivalent Units			transferred out	119,000
	Flow of Production	Direct Materials	Conversion Costs			Ending WIP	25,000
	Completed and transferred out during current period					total spoilage	11,500
	From beginning work in process	20	65			normal spoilage	7,775
	Started and completed	350	350			abnormal spoilage	3,725
	Work in process, ending	128	64
	Equivalent units of work done in current period	498	479

Use the blue shaded areas on the ENTERANSWERS tab for inputs.
Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.