Process Costing using the Weighted Average Method 1. Compute the equivalent units of production using the weighted-average method. 2. Compute the cost per equivalent unit using the weighted-average method. 3. Assign costs to units using the weighted average method. 4. Prepare a cost reconciliation report. Ch 16 Excel Sims Saved Help Save & Exit Submit B E 1 10 points 7 9 10 Print References D 1 Hayword, Inc. uses weighted average costing and has two departments - mixing and packaging. 2 The following information relates to work in the mixing department for the month of July 3 4 Work in process, July 1: 5 Units in process 300 6 Percent completed with respect to materials 6056 Percent completed with respect to conversion 40% 8 Cost in the beginning inventory: Materials cost SI0.500 Conversion cost $6,750 11 Units started into production during the period 6.200 12 Costs added to production during the period: 13 Materials cost $332.150 14 Conversion cost S407.645 15 Work in process, July 31 16 Units in process 450 19 Percent completed with respect to materials 40% 18 Percent completed with respect to conversion 309 19 20 Use the data to answer the following. 21 22 1. Compute equivalent units. Mixing Department 24 Equivalent Units of Production Sheet1 23 4 READY SO Ch 16 Excel Sims Saved Help Save & Exit Submit B c D E 1 Conversion 23 Mixing Department 24 Equivalent Units of Production 25 Materials 26 Units transferred to the next department 27 Ending work in process: 28 Materials 29 Conversion 30 Equivalent units of production 10 points eBook Print References 32 2. Compute cost per equivalent unit. 33 Mixing Department 34 Cost per Equivalent Unit 35 Materials Conversion 36 Cost of beginning work in process 37 Cost added during the period 38 Total cost 39 Equivalent units of production 40 Cost per equivalent unit 41 42 3. Assign costs 43 Mixing Department 44 Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion 46 Ending work in process inventory Sheet1 45 Total +++ MAGY Ch 16 Excel Sims Saved Help Save & Exit Sul D E 43 1 Total 10 points eBook Print References Mixing Department 44 Costs of Ending Work in Process Inventory and the Units Transferred Out 45 Materials Conversion 46 Ending work in process inventory: 47 Equivalent units of production 48 Cost per equivalent unit 49 Cost of ending work in process inventory 50 51 Units completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit 54 Cost of units transferred out 55 56 4. Prepare reconciliation 57 Mixing Department 58 Cost Reconciliation 59 Costs to be accounted for: 60 Cost of beginning work in process inventory 61 Costs added to production during the period 62 Total cost to be accounted for 63 Costs accounted for as follows: 64 Cost of ending work in process inventory 65 Cost of units transferred out 66 Total cost accounted for Sheet1 READY TEE SI 16 Excel Sims Saved Help Save & B D E 1 49 Cost of ending work in process inventory SO 51 Units completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit 54 Cost of units transferred out its 55 Book Print erences 61 56 4. Prepare reconciliation. 57 Mixing Department 58 Cost Reconciliation 59 Costs to be accounted for: 60 Cost of beginning work in process inventory Costs added to production during the period 62 Total cost to be accounted for 63 Costs accounted for as follows: 64 Cost of ending work in process inventory 65 Cost of units transferred out 66 Total cost accounted for 67 68 69 70 Sheet1 READY
