## Using Excel to Calculate Cost per Equivalent Unit### Problem StatementFunenstiens roasts peanuts and uses the FIFO method of process costing for their roasting process. Below is the information provided for this month's production:- **Direct materials costs added to production:** $3,400- **Conversion costs added to production:** $3,875- **Direct materials costs in beginning inventory:** $600- **Conversion costs in beginning inventory:** $800### Equivalent Units Completed During the Month- For Direct Materials: 4,600 units- For Conversion Costs: 4,450 units### Student Work Area#### Task1. **Input the required mathematical formulas** or functions using cell references to solve the problem.#### Required Calculations- **Total Costs to Account For:** - **Direct Materials:** [Cell for calculation] - **Conversion Costs:** [Cell for calculation] - **Total:** [Cell for calculation]- **Determine the Company's Cost per Equivalent Unit:** - Calculate for both Direct Materials (DM) and Conversion Costs for the current month. - **Cost per Equivalent Unit Formula:** - Direct Materials: [Calculation based on input] - Conversion Costs: [Calculation based on input]This section encourages students to use Excel’s built-in functions to compute cost data efficiently, practicing real-world financial analysis skills using process costing principles.

Name: ## Using Excel to Calculate Cost per Equivalent Unit### Problem State
Uploaded: 2024-03-20T06:32:49.000Z
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Description: ## Using Excel to Calculate Cost per Equivalent Unit### Problem StatementFunenstiens roasts peanuts and uses the FIFO method of process costing for their roasting process. Below is the information provided for this month's production:- **Direct mate

The question deals with process costing. Under process costing, statement of equivalent production units, cost per unit of production is calculated and inventory value is determined. Equivalent production units can be calculated through various methods like * FIFO method * Weighted average cost method * Average method In the given question, FIFO method is used. FIFO method means , inventory is valued at First in First out concept. All the cost during the period are accounted for and cost per equivalent unit production is calculated as Cost incurred during the period/ equivalent units of production. 1. Total cost to be accounted for this month : Direct material conversioncost total Cell reference C9 C10 Cost to account for 3400 3875 72752. Cost per equivalent unit of production : Direct materials conversion cost Cell reference C9/C15 C10/C16 Cost per equivalent unit 3400 /4600 3875 /4450 0.74 0.87

Business

Accounting

3,875 600 800 4,600 4,450 Total costs to account for Determine the company's cost per equivalent unit for both DM and conversion costs. For the current month. Cost per equivalent unit Direct erials Conversion Costs Total *** Direct Materials Conversion Costs A A 001 ✰

3,875 600 800 4,600 4,450 Total costs to account for Determine the company's cost per equivalent unit for both DM and conversion costs. For the current month. Cost per equivalent unit Direct erials Conversion Costs Total *** Direct Materials Conversion Costs A A 001 ✰

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Part B: Assuming Wildhorse uses the FIFO method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) DM Conversion Costs Total equivalent units of work done this period (FIFO) 29,000 26,000 STEP 4 Calculate Cost Per Equivalent Unit DM Conversion Cost select an item Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer select an item Correct answer enter a number of unitsCorrect answer enter a number of unitsCorrect answer select a closing name Correct answer $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2…
Multiple Choice $2,371 U $7,700 U $10,800 U $16,320 U
Direct labor 17 per unit 11 per unit 2$ Direct materials 24 Overhead Total variable overhead Total fixed overhead Expected units to be produced $ 30,000 $100, e00 50,e00 units Product cost per unit under absorption costing
Jay Please give me correct answer with explanation
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6 Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Production department follows. Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion $ 93,500 107,000 Units 18,000 90,000 108,000 30,000 $ 253,000 291,160 $ 200,500 $544,160 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% 60%
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A 1 Original Data: 2 3 4 5 6 7 8 9 10 11 12 Part 1 13 14 15 16 Estimated MOH Estimated DLHS 28 29 B Selling price per unit Direct materials per unit Direct labour per unit Direct labour-hours per unit Estimated annual productio POR: 17 18 Sales 19 Less product costs 20 21 22 23 Total product costs 24 Product margin Direct materials Direct labour Manufacturing overhead 25 Units produced and sold: 26 Product margin per unit 27 $1,350,000 112,500 High Grade $212.50 $83.50 $30.00 1.00 75,000 High Grade D Professional $387.00 $212.00 $45.00 1.50 25,000 per DLHs Professional Total
Bowie Inc., a manufacturer of earnings, has accumulated the following cost information for products A and B: Production volume Engineering costs incurred Engineering costs per batch Batch size Total direct manufacturing labor hours Direct manufacturing labor hours/unit A $2.67 $4.00 $1.60 B $2.14 $3.00 500 $1.50 $2,000 $800 200 750 1.5 B 1,000 Assuming activity-based costing (ABC) is used, what is the engineering cost per unit for products A and B? $3,000 $1,500 500 1,400 Total $5,000 2,150
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1- Chapter 1 Assignment i 1 of 15 € a 19 2 Total manufacturing overhead cost Manufacturing overhead per unit 4# Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Okay 3 4 Y A Saved 11. If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) & LO 5 * Help 6 Save & Exit 7 Average Cost per Unit $7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 You Check my work 8 Submit 9 } 11 0 d
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