Part 1 Weighted average Production Report-Pounding Department 1. Physical Flow Schedule Quantity Schedule Units to account for: Units, BWIP Units started Total Units to account for Units to be assigned costs: Units completed and transferred out: Started and completed From BWIP Units, EWIP Total units accounted for 2. Schedule of equivalent units: Materials Conversion Units Completed Units, EWIP * Percentage complete Direct Materials Conversion costs Equivalent units of output 3. Cost per equivalent unit: Costs Materials Conversion Total Cost per equivalent unit Beginning Inventory Current cost this period Total Cost to account for: Total equivalent units Cost per equivalent unit 4. Cost of goods tranferred out and cost of ending work in process: Cost of goods transferred out Cost of EWIP 5. Cost Reconciliation: Costs to account for: BWIP Costs added Total costs to account for Costs to account for: Goods transferred out EWIP Total costs to account for 2. Prepare the journal entry Part 1 FIFO Production Report-Pounding Department 1. Physical Flow Schedule Quantity Schedule Units to account for: Units, BWIP Units started Total Units to account for Units to be assigned costs: Units completed and transferred out: Started and completed From BWIP Units, EWIP Total units accounted for 2. Schedule of equivalent units: Materials Conversion Units Started and Completed Units, BWIP*Percentage to Complete Units, EWIP *Percentage complete Direct Materials Conversion costs Equivalent units of output 3. Cost per equivalent unit: Costs Materials Conversion Total Cost per equivalent unit Current cost this period Total equivalent units Cost per equivalent unit 4. Cost of goods tranferred out and cost of ending work in process: Cost of goods transferred out Cost of EWIP 5. Cost Reconciliation: Costs to account for: BWIP Costs added Total costs to account for Costs to account for: Goods transferred out EWIP Total costs to account for 2. Prepare the journal entry Baking Company uses an automated process to produce a baking product. For March, the company had the following activities in the pounding department, which is followed by the mixing department: Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. After the pounding process is done the costs and next production department is the mixing department. The pounding process is the first department in the process. DATA for the pounding department: Physical Units 1,000lunits Direct Conversion Materials Costs $3,840 $3,775 Total Costs $7,615 100% 75% Beginning work-in-process Degree of Completion of Beginning Work in process at beginning of month Started During March Completed and transferred out during March Ending Work in process Inventory Degree of Completed of ending work in process Total costs Added during March 11,000 units 7,000 units ???? units 100% 100% 100% $20,160 55% $5,000 $25,160 Required: 1. Prepare a production report for the pounding department using weighted average. Please use the worksheet named Part 1 weighted average and use only cell referencing and formulas on your production report using this worksheet for your data. 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet. 3. Prepare a production report for the pounding department using Part 1 FIFO. Please use the worksheet named FIFO and use only cell referencing and formulas on your production report using this worksheet for your data. 4. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet. Part 1 Weighted average Production Report-Pounding Department 1. Physical Flow Schedule Quantity Schedule Units to account for: Units, BWIP Units started Total Units to account for Units to be assigned costs: Units completed and transferred out: Started and completed From BWIP Units, EWIP Total units accounted for 2. Schedule of equivalent units: Materials Conversion Units Completed Units, EWIP * Percentage complete Direct Materials Conversion costs Equivalent units of output 3. Cost per equivalent unit: Costs Materials Conversion Total Cost per equivalent unit Beginning Inventory Current cost this period Total Cost to account for: Total equivalent units Cost per equivalent unit 4. Cost of goods tranferred out and cost of ending work in process: Cost of goods transferred out Cost of EWIP 5. Cost Reconciliation: Costs to account for: BWIP Costs added Total costs to account for Costs to account for: Goods transferred out EWIP Total costs to account for 2. Prepare the journal entry Part 1 FIFO Production Report-Pounding Department 1. Physical Flow Schedule Quantity Schedule Units to account for: Units, BWIP Units started Total Units to account for Units to be assigned costs: Units completed and transferred out: Started and completed From BWIP Units, EWIP Total units accounted for 2. Schedule of equivalent units: Materials Conversion Units Started and Completed Units, BWIP*Percentage to Complete Units, EWIP *Percentage complete Direct Materials Conversion costs Equivalent units of output 3. Cost per equivalent unit: Costs Materials Conversion Total Cost per equivalent unit Current cost this period Total equivalent units Cost per equivalent unit 4. Cost of goods tranferred out and cost of ending work in process: Cost of goods transferred out Cost of EWIP 5. Cost Reconciliation: Costs to account for: BWIP Costs added Total costs to account for Costs to account for: Goods transferred out EWIP Total costs to account for 2. Prepare the journal entry Baking Company uses an automated process to produce a baking product. For March, the company had the following activities in the pounding department, which is followed by the mixing department: Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. After the pounding process is done the costs and next production department is the mixing department. The pounding process is the first department in the process. DATA for the pounding department: Physical Units 1,000lunits Direct Conversion Materials Costs $3,840 $3,775 Total Costs $7,615 100% 75% Beginning work-in-process Degree of Completion of Beginning Work in process at beginning of month Started During March Completed and transferred out during March Ending Work in process Inventory Degree of Completed of ending work in process Total costs Added during March 11,000 units 7,000 units ???? units 100% 100% 100% $20,160 55% $5,000 $25,160 Required: 1. Prepare a production report for the pounding department using weighted average. Please use the worksheet named Part 1 weighted average and use only cell referencing and formulas on your production report using this worksheet for your data. 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet. 3. Prepare a production report for the pounding department using Part 1 FIFO. Please use the worksheet named FIFO and use only cell referencing and formulas on your production report using this worksheet for your data. 4. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet