COST ACCOUNTING Computer Assignment PROCESS COSTING Sweetooth manufactures cakes in two departments, Mixing and Baking, using a process cost system. Data for each department for 20X3 are as follows: Mixing 3,000 49,000 45,000 5,000 Baking Units: Work-in-process 1/1/X3 6,000 Started in process Completed and transferred Work-in-process 12/31/X3 40,000 10,000 Costs: Work-in-process 1/1/X3 S 9195 Transferred-in Materials Conversion 11,710 2,926 2,524 Added to department n/a Transferred-in Materials Conversion 29,890 45,374 70,000 75,190 Other: Materials added (% conversion) 0% 75% Conversion complete 2/3 50% 100% 3% 25% 60% 100% 2% eginning work-in-process Ending work-in-process Inspection (% conversion) Normal spoilage (% of units started) The ingredients (flour, mild, eggs, etc.) are added at the beginning of the production process in the Mixing Department (ie., 0% conversion). The cakes are baked in the Baking Department, after which the icing is applied (i.e., at 75% conversion). Requirements: Use Microsoft Excel to prepare a cost of production report template for each department to be used for any data for any accounting peri od: 1. 2. Enter the data above at the top of a spreadsheet exactly as it appears Prepare a cost of production report for each department. Use the format presented in the snapshot of the solution. You will need to modify the format to account for potential normal and abnormal spoilage Use IF statements to make it possible to present the information under weighted average or FIFO for both departments. Report your answers using the weighted average method for the Mixing Department and the FIFO method for the Baking Department. a. b. c. 3. The reports and journal entries should change automatically with changes in the data. Enter all data into the reports with cell references to the data above (i.e., do not type the information directly into the report cells). IF statements will be required (use the Excel Help feature for instructions). a. b. The spreadsheet should create journal entries to transfer costs from WIP-Mixing to WIP-Baking and from WIP Baking to finished goods (journal entries to record direct materials, direct labor and the overhead are not required). Be sure to include any entries to record abnormal spoilage costs. Display cost per equivalent unit amounts with five decimals. 4. 5. Display allocated costs and journal entry amounts with two decimals 6