please don't copy and paste previous Chegg answers. I saw it but I didn't understand it
please don't copy and paste previous Chegg answers. I saw it but I didn't understand it
The goal of this assignment is to design a spreadsheet to compute product costs for Healthy Harvest Bakery. The bakery uses a FIFO process costing system. Healthy Harvest Bakery makes breads using only natural ingredients and no added fats. The bakery makes four varieties of breads: white, wheat, sourdough and raisin. Your task is to determine the cost of raisin bread made during January The raisin bread is made in two departments: baking and packaging. In baking, the ingredients are mixed and the bread is baked. Baked loaves are then moved to packaging, where they cool before placing them in a plastic wrapper. The basic ingredients (flour, yeast, etc.) are added to the bread at the start of production in the baking department. Raisins are added to the bread in the baking department after the basic ingredients have been mixed; this occurs when the baking department is one-fourth complete with their work. The plastic wrapper is added at the end of the production process in the packaging department, after the bread has cooled. Conversion costs are incurred evenly throughout the production process in both departments. Your workbook should consist of sheets: 1. Input Sheet 2. Baking Department Cost of Production 3. Packaging Department Cost of Production The spreadsheet should be designed so that information is added into the Input Sheet only. All information in Baking and Packaging should be either references or formulas. The input section of your spreadsheet should contain the following data: Baking Department Beginning WIP Inventory Units Completed Ending WIP Inventory #units. 120 5,000 80 % complete 30% 15% Cost Data: Beginning WIP Inventory Balance Basic Ingredients used this month Raisins used this month Conversion Costs incurred this month $ 58 990 680 2,400 *Beginning WIP Costs consist of $24 for basic ingredients, $16 for raisins, and 18 for conversion costs. Packaging Department Beginning WIP Inventory Ending WIP Inventory #units 75 50 complete 80% 50% Cost Data: Beginning WIP Inventory Balance ** Wrappers used this month Conversion Costs incurred this month S 67 150 500 **Beginning WIP Costs consist of $62 for costs transferred in from Baking (the prior depart.) and $5 for conversion costs. Your spreadsheet should produce a Cost of Production Report for each department (baking & packaging). A sample Cost of Production Report can be found on page 206 of the text. When formatting your spreadsheet, format all numbers representing dollar amounts for two decimals; format all numbers representing units to zero decimal places. Make sure that your spreadsheet is flexible enough to work for any amount of units at any stage of completion. (For example, be sure the spreadsheet still works if the units in the baking department's beginning inventory are 20% complete). Hint: this will require IF functions, Remember, a spreadsheet is most helpful when it can be reused in the future. Design this project so that Healthy Harvest Bakery could use the same spreadsheet next month to compute product costs by simply changing the input section. Healthy Harvest Bakery - FIFO Prcess lapets January Baking Department % Complete Unit Data Units Beginning WIP Inventory Units Completed Ending WIP Inventory Cost Data Cost $ Begin WIP Cost $ Current Basic Ingredients Baisens Conversion 5 158 $4,070 B Packaging Department Units Complete Unit Data 0 Beginning WIP Inventory 1 Units Completed 2 Ending WIP Inventory 3 Cost $ Begin WIP Cost $ Current -4 Cost Data -5 Transferred In 6 Wrappers 07 Conversion 467 $650 0 61 1 2 Healthy Harvest Bakery - FIFO Baking January 3 4 Units (Step 1) 5 UNITS Basio Ingredients Raisins Conversion 7 6 Units charged to production Inventory in process Beginning 8 Started in Production During Month Total units accounted for by department 3 10 12 13 Whole 11 Units to be assigned cost Units Beq WIP Started and Completed End WIP 15 Total units to be assigned cost 4976 Examples of IF Formulas Example of =IF('Input SheetD6%0.25.0 B17) Example 12001nput SheetD7) 14 16 17 18 19 16 17 18 19 Examples of IF Formulas Example o IF Input Sheet1D60.25 0 B17) Example U BRITS Basic Ingredients Raisins Conversior Total Cost $ #DIMO #DIVOR #DIVORS 082118 20 Cost 21 Unit Cost Step 4 22 Beginning Work in Process 23 Cost Added During Month 24 Total Cost to Account For 25 Total Equivalent Units 26 Cost Per Equivalent Unit 27 Cost allocated to completed or partially 28 completed units (Step 5) 29 Inventory in process, Beginning balance 30 To complete inventory in process 31 Started and completed in month 32 Transferred out during month 33 Inventory in process End of month Total cost assigned to department $ 4.106.24 (2176 ESTRE 34 35 37 G H - Healthy Harvest Bakery - FIFO 2 Packaging 13 January 4 Equivalent Unit (Step 3) Units Tranfered 5 UNITS (Step 13 In Wrapper Conversion 6 Units charged to production 7 Inventory in process Beginning E8 Started in Production During Month 3 Total units accounted for by department 10 Whole 1 Units to be assigned cost Units 12 Bea WIP 13 Started and Completed 14 End WIP 15 Total units to be assigned cost 4.990 16 17 16 15 Cost Tartered 20 Cost In Wrapper Conversion 21 Unit Cost (Step 4) 22 Beginning Work in Process 23 Cost Added During Month 1012 24 Total Cost to Account For 25 Total Equivalent Units Total Cost Input Sheet Baking Department Packaging Department 18 19 Cost Tranfered In Wrapper Conversion Total Cost $ 4.106 24 24 #OM/OP #DIV/0! #DIV/ON NOVO! 20 Cost 21 Unit Cost (Step 4) 22 Beginning Work in Process 23 Cost Added During Month Total Cost to Account For 26 Total Equivalent Units 26 Cost Per Equivalent Unit 27 Cost alocated to completed or partially 20 completed units (Step 5) 29 Inventory in process Beginning - balance 30 To complete nventory in process 31 Started and completed in month 32 Transferred out during month 3 Inventory in process, End of month 34 Total cost assigned to department 35 $ 5 3.4.779 57 $ 4357 B12402324 36 37 Input Sheet Baling Department Packaging Department
