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Elite Pavers Company manufactures one product using a weighted average process costing system. For the current period: Beginning work-in-process (WIP) inventory consisted of 50,000 units with a total cost of $158,000. The $158,000 included materials costs of (use the last 5 digits of your student ID), with the remainder being conversion costs. As of the beginning of the period, the beginning WIP units were 35% complete with regard to materials and 25% complete as to conversion costs). During the period an additional 200,000 units were started into production and costs added during the period were $560,000 of materials and $225,000 of conversion costs. Ending work-in-process consisted of 65,000 units that were 60% complete with regard to materials and 30% complete with regard to conversion costs. Required Compute the following, in the spaces indicated in the provided spreadsheet: 1. Compute the number of units completed and transferred out of WIP. (1 point) 2. Compute equivalent units of production for materials and for conversion costs (1 point) 3. Compute the costs per equivalent unit for materials and for conversion costs. (1 point) 4. Assign costs to units completed and transferred out and to units remaining in ending WIP inventory (1 point) 5. Complete the Cost Reconciliation Report presented in the spreadsheet. (1 point) 6. Spreadsheet correctly recomputes when the number of units of beginning WIP is changed (5 points) A B D E TI F G H J K L M N 0 P Information: Units: 1 Compute the number of units completed and transferred out to the Baking Department (1 point) 250,000 5 5 Beginning Work-in-Process Ending Work-in-Process Units started during the period 50,000 65,000 200,000 2 7 Compute equivalent units of production for materials and for conversion costs (1 point) Materials Conversion Units completed Ending WIP Total 3 Compute the costs per equivalent unit for materials and for conversion costs (1 point) Materials Conversion 4 Assign costs to units completed and transferred to the baking department and to units in ending work-in-process (1 point) Units completed and transferred to Finished Goods Ending work-in-process 3 Percentage completion: Materials Conversion 2 0 1 Beginning Work-in-Process 35% 25% 2 Ending Work-in-Process 60% 30% 3 4 Costs: Materials Conversion 5 Beginning Work-in-Process $ 80,465 $ 77,535 6 Costs added during the period $ 560,000 $ 225,000 7 8 * last 5 digits of your student number 9 (when you enter student ID in cell C15, an amount will appear in cell D15, 0 such that the sum of cells C15 and D15 equal $158,000. 1 Do not hard code or input a value in D15) 2 3 4 5 6 7 8 9 0 5 Complete the Cost Reconciliation Report as indicated below (1 point) Costs to be accounted for Cost of beginning WIP Costs added during the period Total Costs to be accounted for Costs accounted for Cost of ending WIP Cost of units transferred out Total costs accounted for
