Prepare a spreadsheet that will provide a report for this department using FIFO and the WA assumptions. The Report is to look like Exhibits 17.4 and 5 and like Exhibits 17-6 and 7 of our text. The Report tab should be separate and clearly identified from the original data tab The particular instruction for this E&E is that the same space in the spreadsheet should be able to accommodate the FIFO report and the WA report. To do this you will need to use if conditional formulas in the relevant cells. The idea is that you will enter WA (for weighted average) in, say, cell A1. The if-conditionals will refer to this cell (Al) so that because WA is keyed into A1, then the calculation for all the cells in the Report space will be based on the weighted average assumption. Then, if FIFO is entered into the same cell A1 (instead of WA), then all the calculations will be based on the FIFO assumption because all the if-conditional formulas will refer back to that cell A1. The same report space should report correctly on FIFO if FIFO is requested and on WA I WA is requested. I will not be able to see both reports at once, but will see only one (in cells As through F20, say) I WA is keyed into A1 and will only see the other in the same cells A5 through F20, say) if FIFO is keyed into A1. There will be an if-conditional in every cell where the calculation differs between WA and FIFO. The Report tab will only have formulae and cell references, and of course many if-conditional statements and NO numbers directly keyed in 3 4 Work in process inventory June 1 10,000 units 5 Direct materials 100% complete $10,000 6 Direct labor 30% complete $1,060 7 Overhead 40% complete $1,620 8 9 10 Units started during June 40,000 units 11 Units completed and trasnferred out during June 44,000 units 12 13 Work in process inventory June 30 6,000 units 14 Direct materials 100% complete 15 Direct labor 50% complete 16 Overhead 60% complete 17 18 Costs incurred during June 19 Direct materials $44,000 20 Direct labor $22,440 21 Overhead $43,600 22 Total $110,040 10,000 units $ 10,000 1,060 1,620 $ 12,680 40,000 units 44,000 units 6,000 units Work-in-process inventory, June 1 Direct materials: 100 percent complete Direct labor: 30 percent complete Factory overhead: 40 percent complete Beginning work-in-process inventory. Units started during June Units completed during June and transferred out of the molding department Work-in-process inventory, June 30 Direct materials: 100 percent complete Direct labor: 50 percent complete Factory overhead: 60 percent complete Costs added during June Direct materials Direct labor Factory overhead Total costs added during June $ 44,000 22,440 43,600 $110,040 Focus Process Costing Company provides you with the above information and the associated spreadsheet with the data entered DM are added at the beginning of the process and DL and MOH are added uniformly across the process, but at different rates. The driver for OH is not related to Direct Labor, so the percent complete measures for the inventories are different. REQUIRED: Prepare a spreadsheet that will provide a report for this department using BOTH FIFO and the WA assumptions. The Report is to look like Exhibits 17-4 and 5 and like Exhibits 17-6 and 7 of our text. The Report tab should be separate and clearly identified from the original data tab Please see the files in the Chapter 17 folder in Folio: CH17E&E.doc and CH17E&E.xls. The files are at the bottom of the list of files