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, B5" was entered, the formula would output the result from cell B5, OF 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"-89-810* 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 cellSUM813,814)" 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"SUM813 814)" was entered the formula 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. FILE Process Costing using the Weighted Average Method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW 7 - HOME 6 X INSERT X Sign in Calor A A H Paste BIU BE %6 Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard Font

Answer 1

Solution:

Since the given question is not clearly and fully uploaded, I saw already this complete question and I understand that your question is already read out, according to it I have answered as follows:

Calculation of Units completed and transferred:

Particulars	Units
Units of Beginning Work In Process (given)	300
Units started into production (given)	6,200
Total Units available	6,500
Less:Units of Closing Work in Process (given)	(450)
Units completed and Transferred	6050

Calculation of Equivalent unit of production for the mixing department:

Particulars	Materials	Conversion
Units transferred to the next department (Given as100%) (calculated)	6050	6050
Ending WIP Materials =450*40% (given) = 180 Conversion =450*30% ( given) = 135	180	135
Equivalent units of Production	6,230	6,185

Therefore, Equivalent Units of production for materials is 6,230 and conversion is 6,185.

Calculation of cost per equivalent Units as follows:

Particulars	Materials	Conversion
Cost of Beginning WIP (given) (a)	$10,500	$6,750
Cost added during the period (given) (b)	$330,912	$406,408
Total Cost ( A = (a) +(b) )	$341.412	$413,158
Equivalent Units of Production (B) (calculated)	6,230	6,185
Cost per equivalent unit (A/B)	$54.80	$66.80

Assignment of cost as follows:

Calculate Cost of ending WIP Inventory and Units transferred out:

Particulars	Materials	Conversion	Total
Ending WIP Inventory:
Equivalent Units Of production	180	135
Cost per Equivalent unit	$54.8	$66.8
Cost of ending WIP	$9,864	$9018	$18,882
Units Completed and transferred out:
Units transferred to next dept.	6,050	6,050
cost per equivalent unit	$54.8	$66.8
Cost of units transferred out	$331,540	$404,140	$735,680

Cost Reconciliation statement as follows:

Particulars	Amount ($)
Costs to be accounted for:
Cost of Beginning WIP Inventory( $10,500 + $6,750)	$17,250
CostsAdded during the year ($330,912 + $406,408)	$737,320
Total Costs to be accounted for	$754,570
Costs to be accounted for:
Cost of Ending WIP	$18,882
Costs of Units transferred out	$735,688
Total cost accounted for	$754,750

Note : Slightly varied answers may come due to decimal points.