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 B5- FILE HOME Process Costing using the Weighted-Average Method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW ? X INSERT - Sign In PivotChart Tables Illustrations Apps for Recommended Office Charts Apps Sparklines Filters Links Text Symbols Power View Reports Charts C26 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: 300 60% 40% 4 Work in process, July 1: 5 Units in process 6 Percent completed with respect to materials 7 Percent completed with respect to conversion 8 Cost in the beginning inventory: 9 Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost 14 Conversion cost 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials 18 Percent completed with respect to conversion $10,500 $6,750 6,200 $332,150 $407,645 450 4056 30% FILE HOME Process Costing using the Weighted Average Method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW ? INSERT x - Sign In Tables Illustrations Apps for Recommended Office - Charts Apps PivotChart Links Text Symbols Power Sparklines Filters View Reports Charts 0 C26 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 nces 300 60% 40% 4 Work in process, July 1: 5 Units in process 6 Percent completed with respect to materials 7 Percent completed with respect to conversion 8 Cost in the beginning inventory: Materials cost Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost 14 Conversion cost 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials Percent completed with respect to conversion $10,500 $6,750 6,200 $332,150 $407,645 450 40% 30% 20 Use the data to answer the following. 22 1. Compute equivalent units. Mixing Department Equivalent Units of Production ... Sheetl ... HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In PivotChart Sparklines Filters Links Text Symbols Tables Illustrations Apps for Recommended Office Charts Power View Reports AD Charts 26 Conversion 22 1. Compute equivalent units. Mixing Department Equivalent Units of Production Materials 26 Units transferred to the next department 27 Ending work in process: 28 Materials 29 Conversion 30 Equivalent units of production 32 2. Compute cost per equivalent unit. Mixing Department Cost per Equivalent Unit Materials 36 Cost of beginning work in process 10,500 37 Cost added during the period 332,150 38 Total cost 342,650 39 Equivalent units of production 40 Cost per equivalent unit Conversion $ 6,750 407,645 $ 414,395 42 3. Assign costs. Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion ... Sheeti .. Total READY 100% Attempt(s) 3/3 Show Me Saved FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In . PivotChart Tables Illustrations Apps for Recommended Office Charts Apos . . Charts Links Text Symbols Power Spardines Filters View Reports C26 X for Total Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out 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 51 Units completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit 54 Cost of units transferred out 56 4. Prepare reconciliation. Mixing Department Cost Reconciliation 59 Costs to be accounted for: 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 ... Sheet1 ... + $17,250 739,795 $757,045 READY 100% Attempt(s) 3/3 Hint Show Me