Please answer in excel with formulas included
B D E 1 Process Costing 2 Assigning costs under various methods 3 The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: 4 5 Basic Info 6 Conversion Direct Materials Costs $ 459,888.00 $ 142,570.00 80% 35% $3,237,000.00 $1,916,000.00 7 Beginning work in process (May 1) Degree of completion: 9 Total costs added during May 2017 10 Ending work in process (May 31) 11 Degree of completion: 8 ? 80% 40% 12 Answer cells must remain in the same location so do not insert/delete columns or rows in the file. Unless otherwise indicated, numeric answers 13 must include a formula or reference so do not hard enter the answer. 14 15 Equivalent Units Conversion Direct Materials Costs Physical Units (Watches) 100 Flow of Production 16 17 Work in process, beginning 18 Equivalent units of work done (added in) in current period 19 Completed and transferred out 20 Work in process, ending 21 450 160 Direct Materials Conversion Costs Total Production Costs Accumulation of Costs 22 23 Work in process, beginning 24 +Costs added in current period 25 = Total costs to account for 26 27 Cost per equivalent unit in beginning inventory 28 Cost per equivalent unit of work done in current period 29 Average cost per equivalent unit 30 Assignment of Costs (Weighted Average Method) Direct Materials Conversion Costs Total Production Costs 31 32 Completed and transferred out: 33 = Total equivalent units completed and transferred out 34 Total costs completed and transferred out 35 36 Work in process, ending 37 = Total equivalent units in ending work in process 38 Total costs in ending work in process 39 40 Total costs accounted for 41 42 Do total costs to account for (accumulated) equal total costs accounted for assigned)? 43 3 Assignment of Costs (FIFO) Direct Materials Conversion Costs Total Production Costs 5 Completed and transferred out: 6 Equivalent units from beginning inventory 7 Costs from beginning inventory 8 + Equivalent units from work done in current period 9 Costs from work done in current period 0 = Total equivalent units completed and transferred out 1 Total costs completed and transferred out 2 3 Work in process ending 4 Equivalent units from beginning inventory 5 Costs from beginning inventory 6 + Equivalent units from work done in current period 7 Costs from work done in current period 8 = Total equivalent units in ending work in process 9 Total costs in ending work in process 0 1 Total costs accounted for 3 Do total costs to account for (accumulated) equal total costs accounted for (assigned)? 4 Assignment of Costs (LIFO) Direct Materials Conversion Costs Total Production Costs 6 Completed and transferred out: 7 Equivalent units from beginning inventory 8 Costs from beginning inventory 9 + Equivalent units from work done in current period 0 Costs from work done in current period 1 = Total equivalent units completed and transferred out 2 Total costs completed and transferred out 3 4 Work in process ending 5 Equivalent units from beginning inventory 6 Costs from beginning inventory 7 + Equivalent units from work done in current period 8 Costs from work done in current period 9 = Total equivalent units in ending work in process 0 Total costs in ending work in process 1 2 Total costs accounted for 3 4 Do total costs to account for (accumulated) equal total costs accounted for (assigned)? 5 6
