Question

Hayword, Inc. uses weighted-average costing and has two departments and has provided data related to its mixing department for the month of July. The Controller has asked you prepare a cost reconciliation report and provide the related computations. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. . Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below.if in a blank cell, =85" was entered the formula would output the result from cell B5, or 300 in this example Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: - (plus sign to add). - (minus sign to subtract)." (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =89-B10" was entered the formula would add the values from those cells and output the result, or 17.250 in this example. If using the other math symbols the result would output an appropriate answer for its function, SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(B13,814)" was entered the formula would output the result of adding those two separate cells, or 737,320 in this example. Similarly, if in a blank cell -SUM(B13:814)" was entered the formule would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 737,320 in this example, 2 X FILE Process Costing using the weighted Average MethodExcel PAGE LAYOUT FORMULAS DATA REVIEW VIEW HOME INSERT S Cantal 11 AA Paste BTW- - Alignment Number Conditional Formatas Cell Formatting Table Styles ST Odboard Pont B26 D C А C 2 The following information relates to work in the mixing department for the month of July a 4 Work in process, July 1: 5 Units in process 300 Percent completed with respect to materials 60% 7 Percent completed with respect to conversion 40% 8 Cost in the beginning inventory 9 Materials cost $10.500 10 Conversion cost 56,750 11 Units started into production during the period 6,200 12 Costs added to production during the period 13 Materials cast $530,912 14 Conversion cost $406,408 15 Work in process, July 31: 16 inite in ne D < Prev 9

Answer 1

Percentage completion for ending wip was not given, i have assumed the same, formulas will give you correct figures

Beginning Work in process
Units	300
Completion Materials	60%
Completion Conversion	40%
Costs in beginning work in process
Material Cost	$         10,500
Conversion Cost	$           6,750
Units started	6200
Costs added
Material Cost	$       330,912
Conversion Cost	$       406,408
Ending Work in process
Units	450
Completion Materials	40%
Completion Conversion	30%
	Material	Conversion
Units transferred	6050	6050	=B5+B11-B16	=B26
Equivalent units in ending WIP
Materials	180		=B16*B17
Conversion		135		=B16*B18
Equivalent units of production	6230	6185	=SUM(B26:B29)	=SUM(C26:C29)
	Material	Conversion
Cost of beginning work in process	$         10,500	$              6,750	=B9	=B10
Cost added during the production	$       330,912	$          406,408	=B13	=B14
Total Cost	$       341,412	$          413,158	=B36+B37	=C36+C37
Equivalent units of production	6230	6185	=B30	=C30
Cost per Equivalent unit	$           54.80	$              66.80	=B38/B39	=C38/C39
	Material	Conversion	Total
Ending Work in process inventory
Equivalent units	180	135			=B28	=C29
Cost per Equivalent unit	$           54.80	$              66.80			=B38	=C38
Cost of Ending Work in process inventory	$           9,864	$              9,018	$         18,882		=+B47*B48	=+C47*C48
Units completed and transferred out
Units transferred	6050	6050			=B26	=C26
Cost per Equivalent unit	$           54.80	$              66.80			=B38	=C38
Cost of Units transferred	$       331,548	$          404,140	$       735,688		=B52*B53	=C52*C53
Costs to be accounted for
Cost of beginning work in process	$         17,250	=B9+B10
Cost added during production	$       737,320	=B13+B14
Total Costs to be accounted for	$       754,570	=B60+B61
Costs accounted for as follows
Cost of Ending work in process	$         18,882	=D49
Cost of Units transferred	$       735,688	=D54
Total Costs accounted for	$       754,570	=B64+B65

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