Traverse Thermal produces insulated coolers. This is a continuous process environment. Direct materials are added at the beginning of the process. Conversion costs are adding all during the manufacturing process. The manufacturing has a computer aided quality control step which rejects 1% of the production for defects. Using data in the attached Option 1 Excel file 1. Compute the units to account for, number of normal spoilage and number of abnormal spoilage. 2. Compute the equivalent units 3. Compute the cost per unit and completed and transferred out of the process. 4. Compute the total costs to account for, compute cost per equivalent unit, and assign costs. Follow the instructions you see on the Data tab of the worksheet. Show all calculations within the cells of the Excel spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Ensure you include a detailed explanation of each journal entry that you make or do not make on each date to convey your thought process as well. There should be no hard coding of solutions. Traverse Cooling, Inc. Traverse Thermal produces Insulated Coolers. This is a continous Process enviroment. rejects 1% of the production for defects. Summary data for this period are as follows: 1). Compute the units to account for, number of normal spoilage and number of abnormal spoilage. 2). Compute the Equivalent Units. 3). Compute the cost per unit and completed and transferred out of the process. 4). Compute the total costs to account for, compute cost per equivalent unit, and assign costs. Step 1: Determine the physical flow of Units WeightedaverageCostingPhysicalUnitsDirectMaterialConversionCostsTotal WIP, Beginning Degree of completion, beginning WIP Started this period TOTAL UNITS TO ACCOUNT FOR: Good units completed and transferred WIP, ending inventory TOTAL UNITS ACCOUNTED FOR: Degree of completion of ending WIP Total costs added this period Step Two compute Spoilage: Identify the number of normal and abnormal spoilage Total Spoilage Normal Spoilage= Abnormal Spoilage = Data Units to Account \& Spoilage Equivalent units EUP \& Cost Reconciliation Traverse Thermal produces insulated coolers. This is a continuous process environment. Direct materials are added at the beginning of the process. Conversion costs are adding all during the manufacturing process. The manufacturing has a computer aided quality control step which rejects 1% of the production for defects. Using data in the attached Option 1 Excel file 1. Compute the units to account for, number of normal spoilage and number of abnormal spoilage. 2. Compute the equivalent units 3. Compute the cost per unit and completed and transferred out of the process. 4. Compute the total costs to account for, compute cost per equivalent unit, and assign costs. Follow the instructions you see on the Data tab of the worksheet. Show all calculations within the cells of the Excel spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Ensure you include a detailed explanation of each journal entry that you make or do not make on each date to convey your thought process as well. There should be no hard coding of solutions. Traverse Cooling, Inc. Traverse Thermal produces Insulated Coolers. This is a continous Process enviroment. rejects 1% of the production for defects. Summary data for this period are as follows: 1). Compute the units to account for, number of normal spoilage and number of abnormal spoilage. 2). Compute the Equivalent Units. 3). Compute the cost per unit and completed and transferred out of the process. 4). Compute the total costs to account for, compute cost per equivalent unit, and assign costs. Step 1: Determine the physical flow of Units WeightedaverageCostingPhysicalUnitsDirectMaterialConversionCostsTotal WIP, Beginning Degree of completion, beginning WIP Started this period TOTAL UNITS TO ACCOUNT FOR: Good units completed and transferred WIP, ending inventory TOTAL UNITS ACCOUNTED FOR: Degree of completion of ending WIP Total costs added this period Step Two compute Spoilage: Identify the number of normal and abnormal spoilage Total Spoilage Normal Spoilage= Abnormal Spoilage = Data Units to Account \& Spoilage Equivalent units EUP \& Cost Reconciliation