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Hello, if possible please provide formulas so I can follow along with the work. Process Costing using the Weighted-Average Method - Excel FILE Sign In
Hello, if possible please provide formulas so I can follow along with the work.
Process Costing using the Weighted-Average Method - Excel FILE Sign In HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW .Rule Formula Bar Q3 rmal Page Break Page Cmridlines Headings Preview Layout Views Zoom 100% Zoom to Window Macros Selection Workbook Views Show Zoom Macros B28 1 Hayword, Inc. uses weighted-average costing and has two departments - mixing and packaging. 2 The following information relates to work in the mixing department for the month of July 4 Work in process, July 1: 5 Units in process 6 Percent completed with respect to materials 7 Percent completed with respect to conversion 8 Cost in the beginning inventory 300 65% 40% $10,500 Materials cost 9 $6,750 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 6,200 $332,150 13 Materials cost $407,645 14 Conversion cost 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials 450 40% 30% Percent completed with respect to conversion 18 19 20 Use the data to answer the following 21 20 Use the data to answer the following. 21 22 1. Compute equivalent units. Mixing Department Equivalent Units of Production 23 24 Materials Conversion 25 26 Units transferred to the next department 27 Ending work in process: 28 Materials 29 Conversion 30 Equivalent units of production 31 32 2. Compute cost per equivalent unit Mixing Department Cost per Equivalent Unit 34 Materials Conversion 35 36 Cost of beginning work in process 37 Cost added during the period 38 Total cost 39 Equivalent units of production 40 Cost per equivalent unit 3. Assign costs Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory Equivalent units of production Cost per equivalent unit Cost of ending work in process inventory Units completed and transferred out: Units transferred to the next department Cost per equivalent unit 1Cost of units transferred out 56 4. Prepare reconciliation. Mixing Department 57 Cost Reconciliation 58 59 Costs to be accounted for: 60 Cost of beginning work in process inventory 61 Costs added to production during the period 62 Total cost to be accounted for 63 Costs accounted for as follows: Cost of ending work in process inventory 64 Cost of units transferred out 65 66 Total cost accounted for 67 68 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 reportStep by Step Solution
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