Question 02: Boll Manufacturing Company produces one product which passes through a single process before it is completed. Material is added at the start of the process and conversion costs occur uniformly throughout the process.

June Production and Cost data are as follows:

Units: Work in Progress 1/06: 8,000 units 75% converted Units started in June: 38,000 units Work in Progress 30/06: 10,000 units 95% converted

Costs: Work in Progress 1/06 Material $12,000; Conversion Costs $15,750

Cost for June: Materials issued $ 95,000 Conversion Costs $395,000

Required: Prepare Using Excel Spreadsheet

1. A Process Costs sheet for June using:

a) FIFO method

b) Weighted Average Method

2. The Work in Progress (WIP) account as it would appear in the ledger, using:

a) FIFO method

b) Weighted Average Method