The Smith Company gives you the following spreadsheet data:

Exhibit 4: Summarize the flow of physical units and compute output using the weighted average method

Exhibit 5: Summarize the total costs to account for, compute the cost per equivalent unit and assign costs to the units completed and units in ending work-in-process inventory using the Weighted Average method:

Exhibit 6: Summarize the flow of physical units and compute output using the FIFO method

Exhibit 7: Summarize the total costs to account for, compute the cost per equivalent unit and assign costs to the units completed and units in ending work-in-process inventory using the FIFO method:

Only Part 1 A needs an answer

F G 10,000 units $10,000 $1,060 $1,620 40,000 units 44,000 units B D E 2 Smith Company 3 4 Work in process inventory June 1 5 Direct materials 100% complete 6 Direct labor 30% complete 7 Overhead 40% complete 8 9 10 Units started during June 11 Units completed and trasnferred out during June 12 13 Work in process inventory June 30 14 Direct materials 100% complete 15 Direct labor 50% complete 16 Overhead 60% complete 17 18 Costs incurred during June 19 Direct materials 20 Direct labor 21 Overhead 22 Total 23 6,000 units $44,000 $22,440 $43,600 $110,040 Direct materials are added at the beginning of the process and Direct Labor and Manufacturing Overhead are added uniformly across the process, but at different rates. Requirement: Part 1 A.Prepare a spreadsheet that will provide a report for this department using both FIFO and the Weighted Average assumptions. The Report should look similar to the following: D B (Step 1) 2 (Step 2) Equivalent Units Direct Conversion Materials Costs 3 Flow of Production 4 Work in process, beginning (given, p. 684) 5 Started during current period (given, p. 684) 6 To account for 7 Completed and transferred out during current period 8 Work in process, ending (given, p. 684) 9 (100 x 100%; 100 x 50%) 10 Accounted for 11 Equivalent units of work done to date Physical Units 225 275 500 400 100 400 400 100 50 500 500 450 12 13 'Degree of completion in this department: direct materials, 100%; conversion costs, 50%. B E 1 Total Production Costs $26,100 36,180 $62,280 Direct Materials $18,000 19,800 $37,800 2 (Step 3) Work in process, beginning (given, p. 684) Costs added in current period (given, p. 684) Total costs to account for + Conversion Costs $ 8,100 16,380 $24,480 3 + 4 + 5 7 $37,800 500 $ 75.60 $24,480 + 450 $ 54.40 6 (Step 4) Costs incurred to date Divide by equivalent units of work done to date (Exhibit 17-4) Cost per equivalent unit of work done to date 9 10 (Step 5) Assignment of costs: 11 Completed and transferred out (400 units) 12 Work in process, ending (100 units) Total costs accounted for 2009- $52,000 (400" X $75.60) + (400" x $54.40) 10,280 (1000 x $75.60) + (500 x $54.40) $62,280 $37,800 $24.480 13 + 14 15 Equivalent units completed and transferred out from Exhibit 17-4, Step 2. 16 Equivalent units in ending work in process from Exhibit 17-4, Step 2. A 3 B D 1 (Step 1) (Step 2) 2 Equivalent Units Physical Direct Conversion 3 Flow of Production Units Materials Costs (work done before 4 Work in process, beginning (given, p. 684) 225 current period) 5 Started during current period (given, p. 684) 275 6 To account for 500 7 Completed and transferred out during current period: 8 From beginning work in process 225 9 [225 x (100% - 100%); 225 x (100% - 60%)] 0 90 10 Started and completed 11 (175 x 100%; 175 x 100%) 175 175 12 Work in process, ending (given, p. 684) 100 13 (100 x 100%; 100 x 50%) 100 50 14 Accounted for 500 15 Equivalent units of work done in current period 275 315 16 17 'Degree of completion in this department: direct materials, 100%; conversion costs, 60%. 18.400 physical units completed and transferred out minus 225 physical units completed and 19 transferred out from beginning work-in-process inventory. 20 Degree of completion in this department: direct materials, 100%; conversion costs, 50%. 1756 E B E 1 Total Production Costs $26,100 36,180 $62,280 Direct Materials $18,000 19,800 $37,800 + Conversion Costs $ 8,100 16,380 $24,480 3 ++ 2 (Step 3) Work in process, beginning (given, p. 684) Costs added in current period (given, p. 684) 4 Total costs to account for 5 6 (Step 4) Costs added in current period Divide by equivalent units of work done in current period (Exhibit 17-6) Cost per equivalent unit of work done in current period 7 8 $19,800 275 $_72 $16,380 + 315 $ 52 9 11 12 + $18,000 (O* $72) $8,100 (90 $52) 13 + 14 10 (Step 5) Assignment of costs: Completed and transferred out (400 units): Work in process, beginning (225 units) Costs added to beginning work in process in current period Total from beginning inventory Started and completed (175 units) Total costs of units completed and transferred out Work in process, ending (100 units) Total costs accounted for 15 $26,100 4,680 30,780 21,700 52,480 9,800 $62,280 (175 x $72) + (175 x $52) 16 17 + (1000x $72) $37.800 (504 x $52) $24,480 18 + 19 20 Equivalent units used to complete beginning work in process from Exhibit 17-6, Step 2. 21 Equivalent units started and completed from Exhibit 17-6, Step 2. 22 l'Equivalent units in ending work in process from Exhibit 17-6, Step 2