PROJECT OVERVIEW First, save this le as )OO(-101-131_CompExcelProb - ProcessCosting.xlsx (replace XXX with your last name and rst initial) Example: \"Halingk-101131_CompExceIProb ProcessCosting.xlsx". You will upload this le to Blackboard when you are nished. Henkel Industries produces its product in two sequential departments: Blending and Forming. The old controller, who hasjust retired, has been manually preparing the production cost reports each month. The new controller would like you, as an intern, to develop an Excel production cost report for the month of MAY that will automatically calculate the cost per equivalent unit, etc., when the monthly information is dropped into Data area of the worksheet (the data area is shown as a blue box). The controller has provided you with a basic template, but needs to you nish the spreadsheet by adding formulas and cell references as needed. The only place she ever wants to type in numbers is in the blue Department Data table. Although there are two departments, the controller wants you to focus your attention on the Blending department until she is sure that your spreadsheet will provide accurate information. Before you begin to formulate the May spreadsheet, you'll need to get production and cost data for the month of May. Some of the information can be found on last month's manually-prepared production cost report, while other pieces of information can be found in the May general journal. In addition the production supervisor has already reported that 220,000 units were started during May and that 30,000 units were 80% of the way completed at the end of the month. During your initial plant tour, you found out that all of the direct materials were added at the very beginning of the Blending process. Once you nish the spreadsheet, the controller has more questions and tasks for you (see the Additional Analysis worksheet after you have completed the May Production Cost Report). . ST EP-BY-STEP INSTRUCTIONS 1) Fill in the information about units and percentages of completion in the May blue Department Data table. FORMAT percentages as percentages (not decimals). 2) Fill in the cost information in the May blue Department Data table. (Hint: Gather from April's cost report and from the General Ledger). FORMAT in DOLLARS (no cents). If you get a ######### it simply means your column is not wide enough (if so, drag and drop the cell line so that the cell is wider) 3) Use cell references and formulas to populate the production cost report. For example, in cell E4 you should type in the following reference: = 83. In cell E6 you should type in the following formula: = E4+E5. NOTE: DO NOT TYPE lN ANY NUMBERS. ALL CELLS SHOULD CONTAIN FORMULAS 0R REFERENCES TO CELLS IN THE BLUE BOX