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. I need to know what keys to press into the spreadsheet as well. Thank you!

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, 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 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. Sign in Paste 5. Process Costing using the Weighted Average Method - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X Calibri - 11 A A BIU Alignment Number Conditional Formatas Cell Cells Editing Formatting Table Styles Clipboard Font Styles A1 Hayword, Inc. uses weighted average costing and has two departments - mixing B с D E 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: A

Answer 1

Solution:

300 60% 40% 10500 Data Work In Process, July 1 Units in Process Completeion with respect to materials Completeing with respect to conversion Costs in the Beginning work in process inventory Material Cost Conversion Cost Units started into production during the period Costs added to production during the period Material Cost Conversion Cost Ending work in process inventory Units in Process Completeion with respect to materials Completeing with respect to conversion 6750 6200 330912 406408 450 40% 30% Use Data to answer the following 1. Compute Equivalent Units Mixing Department Equivalent Units of production Materials Conversion 60501 60501 Units transferred to the next department Equivalent units in ending work in process inventory Materials Conversion Equivalent units of production 180 135 61851 6230 2. Compute Cost per Equivalent Unit Mixing Department Cost per Equivalent Unit Cost of Beginning work in Process inventory Costs added during the period Total Cost Equivalent Units of Production Cost per Equivalent unit Materials Conversion 10500 67501 330912 406408 341412 413158 6230 6185 54.80128 66.8 3. Assign Costs Mixing Department Costs of Ending Work In Process Inventory and Units Transferred out Materials Conversion Total Ending work in process inventory Equivalent Units 180 135 Cost per Equivalent unit 54.80128 66.8 Cost of ending work in process inventory 9864.231 9018 18882.23 Units completed and transferred out: Units transferred to the next department Cost per Equivalent Unit Cost of units transferred out 6050 54.80128 6050 66.81 404140 735687.8 331547.8 4. Prepare Reconciliation Mixing Department Cost Reconciliation Costs to br accounted for Cost of beginning work in process inventory Costs added to production during the period Total Cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Costs of units ytransferred out Total cost accounted for 17250 7373201 754570 18882.23 735687.81 754570

Formula:

C A B 1 2 3 Data 4 Work In Process, July 1 5 Units in Process 300 6 Completeion with respect to materials 0.6 7 Completeing with respect to conversion 0.4 8 Costs in the Beginning work in process inventory 9 Material Cost 10500 10 Conversion Cost 6750 11 Units started into production during the period 6200 12 Costs added to production during the period 13 = A9 330912 14 =A10 406408 15 Ending work in process inventory 16 = A5 450 17 = A6 0.4 18 =A7 19 20 Use Data to answer the following 21 22 1. Compute Equivalent Units 23 Mixing Department 24 Equivalent Units of production 25 Materials 26 Units transferred to the next department =B5+B11-B16 27 Equivalent units in ending work in process inventor 28 Materials =B16 B17 29 Conversion 30 Equivalent units of production =B26+B28 0.3 Conversion =B5+B11-B16 =B16'B18 =C26+C29

Conversion =B10 =B14 =C36+C37 =C30 =C38/C39 32 2. Compute Cost per Equivalent Unit 33 Mixing Department 34 Cost per Equivalent Unit 35 Materials 36 Cost of Beginning work in Process inventory =B9 37 Costs added during the period =B13 38 Total Cost =B36+B37 39 Equivalent Units of Production =B30 40 Cost per Equivalent unit =B38/B39 41 42 3. Assign Costs 43 Mixing Department 44 Costs of Ending York In Process Inventor 45 Materials 46 Ending work in process inventory 47 Equivalent Units =B28 48 Cost per Equivalent unit | =B40 49 Cost of ending work in process inventor =B47'B48 50 51 Units completed and transferred out: 52 Units transferred to the next department =B26 53 Cost per Equivalent Unit =B40 54 Cost of units transferred out =B52'B53 55 Conversion Total =C29 =C40 =C47C48 =B49+C49 =C26 =C40 =C52°C53 =B54+C54

56 4. Prepare Reconciliation 57 Mixing Department 58 Cost Reconciliation 59 Costs to br accounted for 60 Cost of beginning work in process inventory 61 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 Costs of units ytransferred out 66 Total cost accounted for =B36+C36 =B37+C37 =B60+B61 =D49 =D54 =B64+B65

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