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P6-10 please give answers for the excel sheet Weighted Average and FIFO cost methods; losses at the beginning and end of processing Mt. Palomar Manufacturing

P6-10
please give answers for the excel sheet
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Weighted Average and FIFO cost methods; losses at the beginning and end of processing Mt. Palomar Manufacturing Co. uses a process cost system. Its manufacturing operation is carried on in two departments: Machining and Finishing. The Machining Department uses the weighted average cost method, and the Finishing Department uses the FIFO cost method. Materials are added in both departments at the beginning of operations, but the added materials do not increase the number of units being processed. Units are lost in the Machining Department throughout the production process, and inspection occurs at the end of the process. The lost units have no scrap value and are considered to be a normal loss. Production statistics for July show the following data: Required: 1. Prepare a cost of production summary for each department. (Round unit costs to three decimal places.) 2. Which department will have an easier time determining how its unit costs compare from month to month? Why? Problem 6-10 Mt. Palomar Manufacturing Company Cost of Production Summary-Machining Department Weighted Average Cost Method For the Month Ended July 31, 20-- Cost of work in process, beginning of month: Materials Labor Factory overhead Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to Finishing during month Units of work in process, end of month. % completed Total equivalent production = Rounding difference Mt. Palomar Manufacturing Company Cost of Production Summary-Finishing Department FIFO Cost Method For the Month Ended July 31, 20.. Cost of work in process, beginning of month: Cost in Machining Department Cost in Finishing Department: Materials Labor Factory overhead Cast of goods received from Machining during month Cost of production for month Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: To complete beginning uniss in process Units started and fully manufactured during month Units of work in process, end of month. \% completed Total equivalent production Labor and factory overhead: To complete beginning units in process. \% to complete Units started and fully manufactured during month Units of work in process, end of month. \% completed Total equivetent production Unit cost for month: Materials Labor Factory overhead Total Inventory coste: Costs of goods finished and transferred to finished goods during month Beginning units in process: Prior month's cost Current cost to complete: Labor Overhead Units started and finished during month Cost in prior department Cost in Finishing Dept. Cost of work in process, end of month: Cost in prior departments Cost in Finishing Dept Materias Labor Factory overhead Total production costs accounted for "Rounding diflerence

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