FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Further info is in the attached images

For the Excel part of the question give the solutions in the form of the Excel equations. Please and thank you! :)

Download the Applying Excel form and enter formulas in all cells that contain question marks.

For example, in cell B34 enter the formula "= B9".

After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text.

Check your worksheet by changing the beginning work in process inventory to 100 units, the units started into production during the period to 2,500 units, and the units in ending work in process inventory to 200 units, keeping all of the other data the same as in the original example. If your worksheet is operating properly, the cost per equivalent unit for materials should now be $152.50 and the cost per equivalent unit for conversion should be $145.50.

Thank you!

EXHIBIT 4-8 Shaping and Milling Department Cost Data for May
Materials Conversion
Total
$ 9,600 $ 5,575 $ 15,175
Cost of beginning work
in process inventory
Costs added during the period 368,600
EXHIBIT 4-5 Shaping and Milling Department Production Data for May
350,900
719,500
Percent Complete
Total cost
$378,200 $356,475
$734,675
Materials Conversion
Shaping and Milling Department
Beginning work in process inventory
Units started into production
during May
Units
Weighted-Average Method
200
55%
30%
(a separate calculation is made for each cost category
in each processing department)
5,000
Cost of beginning
Cost added
Units completed during May and
transferred to the next department
4,800
100%
100%
Cost per equivalent unit =
work in process inventory
during the period
Equivalent units of production
Ending work in process inventory
400
40%
25%
Shaping and Milling Department
Costs per Equivalent Unit
We always assume that units transferred out of a department are 100% complete
with respect to the processing done in that department.
Materials Conversion
24
$ 9,600 $ 5,575
Cost of beginning work in process inventory
Costs added during the period
Total cost (a)
368,600
350,900
$378,200 $356,475
Equivalent units of production (see Exhibit 4–6 O ) (b)
Cost per equivalent unit (a) ÷ (b)
4,960
4,900
$76.25
$72.75
expand button
Transcribed Image Text:EXHIBIT 4-8 Shaping and Milling Department Cost Data for May Materials Conversion Total $ 9,600 $ 5,575 $ 15,175 Cost of beginning work in process inventory Costs added during the period 368,600 EXHIBIT 4-5 Shaping and Milling Department Production Data for May 350,900 719,500 Percent Complete Total cost $378,200 $356,475 $734,675 Materials Conversion Shaping and Milling Department Beginning work in process inventory Units started into production during May Units Weighted-Average Method 200 55% 30% (a separate calculation is made for each cost category in each processing department) 5,000 Cost of beginning Cost added Units completed during May and transferred to the next department 4,800 100% 100% Cost per equivalent unit = work in process inventory during the period Equivalent units of production Ending work in process inventory 400 40% 25% Shaping and Milling Department Costs per Equivalent Unit We always assume that units transferred out of a department are 100% complete with respect to the processing done in that department. Materials Conversion 24 $ 9,600 $ 5,575 Cost of beginning work in process inventory Costs added during the period Total cost (a) 368,600 350,900 $378,200 $356,475 Equivalent units of production (see Exhibit 4–6 O ) (b) Cost per equivalent unit (a) ÷ (b) 4,960 4,900 $76.25 $72.75
v fx
Chapter 4: Applying Excel
A1
A
В
C
D
E
1 Chapter 4: Applying Excel
2
3 Data
4 Beginning work in process inventory:
Units in process
200
Completion with respect to materials
Completion with respect to conversion
Costs in the beginning work in process inventory:
55%
7
30%
8.
$9,600
$5,575
5,000
9.
Materials cost
10
Conversion cost
11 Units started into production during the period
12 Costs added to production during the period:
$368,600
$350,900
13
Materials cost
14
Conversion cost
15 Ending work in process inventory:
Units in process
16
400
Completion with respect to materials
Completion with respect to conversion
17
40%
18
25%
19
20 Enter a formula into each of the cells marked with a ? below
21
22 Weighted Average method:
23
24
Equivalent Units of Production
25
Materials
Conversion
26 Units transferred to the next department
?
?
27 Equivalent units in ending work in process inventory:
28
Materials
29
Conversion
30 Equivalent units of production
?
?
31
32
Costs per Equivalent Unit
33
Materials
Conversion
34 Cost of beginning work in process inventory
35 Costs added during the period
36 Total cost
?
37 Equivalent units of production
38 Cost per equivalent unit
?
?
?
expand button
Transcribed Image Text:v fx Chapter 4: Applying Excel A1 A В C D E 1 Chapter 4: Applying Excel 2 3 Data 4 Beginning work in process inventory: Units in process 200 Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: 55% 7 30% 8. $9,600 $5,575 5,000 9. Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: $368,600 $350,900 13 Materials cost 14 Conversion cost 15 Ending work in process inventory: Units in process 16 400 Completion with respect to materials Completion with respect to conversion 17 40% 18 25% 19 20 Enter a formula into each of the cells marked with a ? below 21 22 Weighted Average method: 23 24 Equivalent Units of Production 25 Materials Conversion 26 Units transferred to the next department ? ? 27 Equivalent units in ending work in process inventory: 28 Materials 29 Conversion 30 Equivalent units of production ? ? 31 32 Costs per Equivalent Unit 33 Materials Conversion 34 Cost of beginning work in process inventory 35 Costs added during the period 36 Total cost ? 37 Equivalent units of production 38 Cost per equivalent unit ? ? ?
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