Please USE EXCEL TO SOLVE I tried my best on my sheet, but have no clue if I'm doing it Correctly don't post in text as I won't understand
Instructions 1. Download the project template: Project 16 Template.xlsx _ 2. Use links and formulas to fully program and automate your spreadsheet 3. Use proper number formatting 4. Prepare a Process Costing Summary for Company X, Department Y 5. Department Y Data: 1. Cost of Beginning Work In Process: 1. Direct Materials =$1,484 2. Conversion =$804 2. Costs incurred this period: 1. Direct Materials =$12,936 2. Conversion =$21,449 3. Units to Account for: 1. Beginning Work in Process Inventory - Units =3,000 2. Units Started this Period =12,200 3. Units Completed and Transferred Out = ? (Calculate This) 4. Ending Work in Process - Units =5,200 4. \% Completion 1. Ending Work In Process Materials =85% 2. Ending Work In Process Conversion =35% 6. Create a General Journal (from scratch) on a new worksheet 1. Journal Entries: 1. Purchase materials on credit for factory use. 2. Record direct materials used. 3. Record indirect materials used. 4. Record direct labor used. 5. Record indirect labor used. 6. Record other overhead costs incurred. 7. Applied overhead at 300% of direct labor. 8. Transfer units from Department Y to Department Z. 9. Record transfer of completed goods out of Department Z 10. Record sales of finished goods. Record cost of goods sold. 2. Additional Data: - Raw materials purchased on credit: 20,000 - Indirect materials used: 1,024 - Direct labor used: 5,500 - Indirect labor used: 7,500 - Other overhead: - Other overhead (paid in Cash): 5,925 - Accumulated Depreciation - Factory Equipment: 1,500 - Cost of Finished Goods transferred out of Department Z: 37,500 - Sale of Finished Goods on credit: 69,375 - Cost of Goods Sold: 33,750 Instructions 1. Download the project template: Project 16 Template.xlsx _ 2. Use links and formulas to fully program and automate your spreadsheet 3. Use proper number formatting 4. Prepare a Process Costing Summary for Company X, Department Y 5. Department Y Data: 1. Cost of Beginning Work In Process: 1. Direct Materials =$1,484 2. Conversion =$804 2. Costs incurred this period: 1. Direct Materials =$12,936 2. Conversion =$21,449 3. Units to Account for: 1. Beginning Work in Process Inventory - Units =3,000 2. Units Started this Period =12,200 3. Units Completed and Transferred Out = ? (Calculate This) 4. Ending Work in Process - Units =5,200 4. \% Completion 1. Ending Work In Process Materials =85% 2. Ending Work In Process Conversion =35% 6. Create a General Journal (from scratch) on a new worksheet 1. Journal Entries: 1. Purchase materials on credit for factory use. 2. Record direct materials used. 3. Record indirect materials used. 4. Record direct labor used. 5. Record indirect labor used. 6. Record other overhead costs incurred. 7. Applied overhead at 300% of direct labor. 8. Transfer units from Department Y to Department Z. 9. Record transfer of completed goods out of Department Z 10. Record sales of finished goods. Record cost of goods sold. 2. Additional Data: - Raw materials purchased on credit: 20,000 - Indirect materials used: 1,024 - Direct labor used: 5,500 - Indirect labor used: 7,500 - Other overhead: - Other overhead (paid in Cash): 5,925 - Accumulated Depreciation - Factory Equipment: 1,500 - Cost of Finished Goods transferred out of Department Z: 37,500 - Sale of Finished Goods on credit: 69,375 - Cost of Goods Sold: 33,750
