Excel SIM: Process Costing using the Weighted-Average Method 1. Compute the equivalent units of production using the weighted average method. 2. Compute the cost per equivalent unit using the weighted average method. 3. Assign costs to units using the weighted average method. 4. Prepare a cost reconciliation report. FILE Paste Ba Process Costing using the Weighted Average Method - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A BIU Alignment Number Conditional Format as Cell Formatting Table Styles- Cells Font Styles Sign In Clipboard A1 X Fx Hayword, Inc. uses weighted-average costing and has two departments - mixing A B D E 1 2 ayword, inc. uses weighted-average costing and nas two departments - mixing and packaging. he following information relates to work in the mixing department for the month of July: 3 4 fork in process, July 1: 5 Units in process 300 6 Percent completed with respect to materials 60% 7 Percent completed with respect to conversion 40% 8 Cost in the beginning inventory: 9 Materials cost $10,500 10 Conversion cost $6,750 11 nits started into production during the period 6,200 12 13 osts added to production during the period: Materials cost $332,150 14 Conversion cost $407,645 15 lork in process, July 31: 16 Jnits in process 450 17 Percent completed with respect to materials 40% 30% 18 Percent completed with respect to conversion 19 20 se the data to answer the following. 21 22 Compute equivalent units. 23 Mixing Department 24 Equivalent Units of Production Sheet1 READY Attempt(s) 100% Hint 4. Preps Process Costing using the Weighted Average Method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA ? REVIEW VIEW Sign In Calibri 11 A A % Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles- Cells Clipboard F Font F Styles A1 e Hayword, Inc. uses weighted-average costing and has two departments - mixing x A Compute equivalent units. 23 24 25 Mixing Department Equivalent Units of Production 26 nits transferred to the next department 27 28 nding work in process: Materials 29 Conversion 30 quivalent units of production 22222222222 3 3 3 9 45 Compute cost per equivalent unit. B C Materials Conversion 31 32 33 Mixing Department 34 Cost per Equivalent Unit 35 Materials Conversion 36 ost of beginning work in process 37 ost added during the period 38 tal cost 39 quivalent units of production 40 ost per equivalent unit 41 42 Assign costs. 43 44 Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Sheet1 READY Attempt(s) D Total E 100% Hint Process Costing using the Weighted-Average Method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A A Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles- Cells Clipboard Font Styles A1 A Sign In Hayword, Inc. uses weighted-average costing and has two departments - mixing B C 43 44 45 Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out 46nding work in process inventory: 47 Equivalent units of production 48 Cost per equivalent unit 49 50 Cost of ending work in process inventory 52 nits completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit 54 Cost of units transferred out Materials Conversion 55 56 Prepare reconciliation. 57 Mixing Department 58 59 osts to be accounted for: 60 Cost Reconciliation Cost of beginning work in process inventory 61 Costs added to production during the period 62 Total cost to be accounted for 63 osts accounted for as follows: 64 Cost of ending work in process inventory 65 Cost of units transferred out 66 Total cost accounted for Sheet1 READY Attempt(s) # D Total E + 100% Hint Process Costing using the Weighted-Average Method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A A Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles- Cells Clipboard Font Styles A1 x A Sign In Hayword, Inc. uses weighted-average costing and has two departments - mixing 49 50 Just one work in process inventory 51 nits completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit Cost of units transferred out Mixing Department 54 55 56 Prepare reconciliation. 57 58 59 osts to be accounted for: 60 61 Cost Reconciliation Cost of beginning work in process inventory Costs added to production during the period 62 Total cost to be accounted for Cost of ending work in process inventory Cost of units transferred out 63 osts accounted for as follows: 64 65 66 Total cost accounted for 67 68 69 70 READY Attempt(s) Sheet1 B D E + 100% Hint Process Costing using the Weighted-Average Method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A A Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles- Cells Clipboard Font Styles A1 A Sign In Hayword, Inc. uses weighted-average costing and has two departments - mixing B C 43 44 45 Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out 46nding work in process inventory: 47 Equivalent units of production 48 Cost per equivalent unit 49 50 Cost of ending work in process inventory 52 nits completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit 54 Cost of units transferred out Materials Conversion 55 56 Prepare reconciliation. 57 Mixing Department 58 59 osts to be accounted for: 60 Cost Reconciliation Cost of beginning work in process inventory 61 Costs added to production during the period 62 Total cost to be accounted for 63 osts accounted for as follows: 64 Cost of ending work in process inventory 65 Cost of units transferred out 66 Total cost accounted for Sheet1 READY Attempt(s) # D Total E + 100% Hint