Cost of Production Report

This must be done in Excel with appropriate formulas and formatting. Weather Instruments assembles products from component parts. It has two departments that process all products. During January, the beginning work in process in the assembly department was half complete as to conversion and complete as to direct materials. The beginning inventory included $12,000 for materials and $4,000 for conversion costs for the Assembly Department. The Finishing Department had a beginning inventory of $33,000 for transferred-in and $8,000 for Conversion costs. Beginning inventory was 25% complete for the Assembly Department and 30% for Finishing. Direct materials are added at the beginning for assembly and at the end for finishing. Ending work-in-process inventory in the assembly department was 40% complete and 55% for Finishing. All spoilage is considered normal and is detected at the end of the process. You can use either weighted average or FIFO. Also use the inventory completion in the table for the percentages complete. Assembly Beginning work-in-process units 20,000 Beginning Inventory Completion (conversion) 25% Units started this period 40,000 Good Units transferred this period 46,000 Normal Spoilage 10% Ending work-in-process units 8,000 Ending inventory Completion (conversion) 40% Material costs added $44,000 Conversion costs added $16,000 Finishing 24,000 30% ? 54,000 8% 6,000 55% $28,000 $24,000 Required: 1. Prepare a cost of production report for the Assembly Department. 2. Prepare any journal entries this report generated 3. Prepare a cost of production report for the Finishing Department