Using the Muskoge question we have been doing in class, create a spreadsheet that will produce the FIFO reports and the Weighted Average reports. Prepare a spreadsheet that will provide a report for the Molding and Assembly departments. The Molding Report will be on one (second, separate) tab and the Assembly will be on a separate (third) tab. The requirement is to have the report display the FIFO assumption, if asked, and the Weighted Average method, if asked. Report is to look like Exhibits 18-4 and 5 and like Exhibits 18-6 and 7 of our text. To make the job easier, I have provided a basic Excel with just the data keyed in. This Excel file is called Muskoge and is in our Folio Chapter 18 folder. You are asked to create the two (Molding and Assembly) reports and have the numbers show the FIFO results, if asked, and to show the Weighted Average results, if asked. Due date is June 6, midnight through the Dropbox. This gets it out of the way before the Exam2. Here is a fuller description of what your spreadsheet answer should consist of. Prepare a spreadsheet that will provide a report for both departments using FIFO and the WA assumptions. The Report is to look like Exhibits 18-4 and 5 and like Exhibits 18-6 and 7 of our text. The particular instruction for this E&E is that the same space in the separate (solutions) tab in the spreadsheet should be able to accommodate the FIFO report and the WA report- the SAME SPACE. To do this you will need to use if-conditional formulas in the relevant cells. The idea is that if you will enter "WA" (for weighted average) in, say, cell A1, the following will happen. The if-conditionals in the Report will refer to this cell (A1) so that because WA is keyed into A1, then the calculation for all the cells in the Report space will be based on the weighted average assumption. Then, if FIFO, instead, is requested so the user enters "FIFO" into the same cell A1 (instead of WA), then all the calculations (for that department's report) will be based on the FIFO assumption because all the if-conditional formulas will refer back to that cell A1 which will now read FIFO. Remember, the SAME REPORT SPACE should report correctly on FIFO if FIFO is requested and on WA if WA is requested. I will not be able to see both reports at once, but will see only one (in cells A5 through F20, say) if WA is keyed into A1 and will only see the other (in the same cells A5 through F20, say) if FIFO is keyed into A1. There will be an if-conditional in every cell where the calculation differs between WA and FIFO. The Report tabs will only have formulae and cell references, and, of course, many if-conditional statements and NO numbers directly keyed in. The Muskoge spreadsheet is provided for you in the Chapter 18 folder in Folio. Due date= Monday June 6, midnight. Submit through the Dropbox. Problem 6.36 Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company manufactures a product that processed in two departments: Molding and Assembly. In the Molding Department, direct mat rials are added at the beginning of the process; in the Assembly Department, additional dire materials are added at the end of the process. In both departments, conversion costs are incurre uniformly throughout the process. As work is completed, it is transferred out. The followin table summarizes the production activity and costs for February: Molding Assembly Beginning inventories: Physical units Costs: 10,000 8,000 Transferred in $ 45,200 Direct materials $ 22,000 Conversion costs $ 13,800 $ 16,800 Current production: Units started Units transferred out 25,000 30,000 35,000 Costs: Transferred in Direct materials $ 56,250 $ 39,550 $103,500 $136,500 Conversion costs Percentage of completion: 40% 50%% Beginning inventory Ending inventory 80 50 Required: 1. Using the weighted average method, prepare the following for the Molding Department: a. A physical flow schedule b. An equivalent units calculation e Calculation of unit costs. Round to four decimal places. d. Cost of ending work in process and cost of goods transferred out A cost reconciliation c. 2. Prepare journal entries that show the flow of manufacturing costs for the Molding Depar ment. Materials are added at the beginning of the process. 1. Repeat Requirements 1 and 2 for the Assembly Department. Problem 6.37 FIFO Method, Two-Department Analysis Refer to the data in Problemi 6.36 Required: Repeat the requirements in Problem 6.36 using the FIFO method. A 1 Muskoge 2 Molding Department 3 4 Work in process February 1 5 Started during February 6 Completed during February 7 8 Costs added during February 9 10 Degree of completion 11 12 13 Other information 14 Direct materials are added at the 15 CC added 16 17 Assembly Department 18 19 Work in process February 1 20 Started during February 21 Completed during February 22 23 Costs added during February 24 25 Degree of completion 26 27 28 Other information 29 Direct materials are added at the 30 CC added 21 DATA + B BWIP EWIP BWIP EWIP C DM DM D 100% 100% 0% 0% Units CC E 18 10000 25000 30000 40% 80% beginning unformly Units ? 8000 35000 50% 50% end unformly DM F G CC $22,000 $13,800 $56,250 $103,500 of the process across the process DM CC $0 $16,800 $39,550 $136,500 ? of the process across the process H Transferred In $45,200 Using the Muskoge question we have been doing in class, create a spreadsheet that will produce the FIFO reports and the Weighted Average reports. Prepare a spreadsheet that will provide a report for the Molding and Assembly departments. The Molding Report will be on one (second, separate) tab and the Assembly will be on a separate (third) tab. The requirement is to have the report display the FIFO assumption, if asked, and the Weighted Average method, if asked. Report is to look like Exhibits 18-4 and 5 and like Exhibits 18-6 and 7 of our text. To make the job easier, I have provided a basic Excel with just the data keyed in. This Excel file is called Muskoge and is in our Folio Chapter 18 folder. You are asked to create the two (Molding and Assembly) reports and have the numbers show the FIFO results, if asked, and to show the Weighted Average results, if asked. Due date is June 6, midnight through the Dropbox. This gets it out of the way before the Exam2. Here is a fuller description of what your spreadsheet answer should consist of. Prepare a spreadsheet that will provide a report for both departments using FIFO and the WA assumptions. The Report is to look like Exhibits 18-4 and 5 and like Exhibits 18-6 and 7 of our text. The particular instruction for this E&E is that the same space in the separate (solutions) tab in the spreadsheet should be able to accommodate the FIFO report and the WA report- the SAME SPACE. To do this you will need to use if-conditional formulas in the relevant cells. The idea is that if you will enter "WA" (for weighted average) in, say, cell A1, the following will happen. The if-conditionals in the Report will refer to this cell (A1) so that because WA is keyed into A1, then the calculation for all the cells in the Report space will be based on the weighted average assumption. Then, if FIFO, instead, is requested so the user enters "FIFO" into the same cell A1 (instead of WA), then all the calculations (for that department's report) will be based on the FIFO assumption because all the if-conditional formulas will refer back to that cell A1 which will now read FIFO. Remember, the SAME REPORT SPACE should report correctly on FIFO if FIFO is requested and on WA if WA is requested. I will not be able to see both reports at once, but will see only one (in cells A5 through F20, say) if WA is keyed into A1 and will only see the other (in the same cells A5 through F20, say) if FIFO is keyed into A1. There will be an if-conditional in every cell where the calculation differs between WA and FIFO. The Report tabs will only have formulae and cell references, and, of course, many if-conditional statements and NO numbers directly keyed in. The Muskoge spreadsheet is provided for you in the Chapter 18 folder in Folio. Due date= Monday June 6, midnight. Submit through the Dropbox. Problem 6.36 Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company manufactures a product that processed in two departments: Molding and Assembly. In the Molding Department, direct mat rials are added at the beginning of the process; in the Assembly Department, additional dire materials are added at the end of the process. In both departments, conversion costs are incurre uniformly throughout the process. As work is completed, it is transferred out. The followin table summarizes the production activity and costs for February: Molding Assembly Beginning inventories: Physical units Costs: 10,000 8,000 Transferred in $ 45,200 Direct materials $ 22,000 Conversion costs $ 13,800 $ 16,800 Current production: Units started Units transferred out 25,000 30,000 35,000 Costs: Transferred in Direct materials $ 56,250 $ 39,550 $103,500 $136,500 Conversion costs Percentage of completion: 40% 50%% Beginning inventory Ending inventory 80 50 Required: 1. Using the weighted average method, prepare the following for the Molding Department: a. A physical flow schedule b. An equivalent units calculation e Calculation of unit costs. Round to four decimal places. d. Cost of ending work in process and cost of goods transferred out A cost reconciliation c. 2. Prepare journal entries that show the flow of manufacturing costs for the Molding Depar ment. Materials are added at the beginning of the process. 1. Repeat Requirements 1 and 2 for the Assembly Department. Problem 6.37 FIFO Method, Two-Department Analysis Refer to the data in Problemi 6.36 Required: Repeat the requirements in Problem 6.36 using the FIFO method. A 1 Muskoge 2 Molding Department 3 4 Work in process February 1 5 Started during February 6 Completed during February 7 8 Costs added during February 9 10 Degree of completion 11 12 13 Other information 14 Direct materials are added at the 15 CC added 16 17 Assembly Department 18 19 Work in process February 1 20 Started during February 21 Completed during February 22 23 Costs added during February 24 25 Degree of completion 26 27 28 Other information 29 Direct materials are added at the 30 CC added 21 DATA + B BWIP EWIP BWIP EWIP C DM DM D 100% 100% 0% 0% Units CC E 18 10000 25000 30000 40% 80% beginning unformly Units ? 8000 35000 50% 50% end unformly DM F G CC $22,000 $13,800 $56,250 $103,500 of the process across the process DM CC $0 $16,800 $39,550 $136,500 ? of the process across the process H Transferred In $45,200