Further info is in the attached imagesFor 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 $145.50.Thank you! EXHIBIT 4-8 Shaping and Milling Department Cost Data for MayMaterials ConversionTotal$ 9,600 $ 5,575 $ 15,175Cost of beginning workin process inventoryCosts added during the period 368,600EXHIBIT 4-5 Shaping and Milling Department Production Data for May350,900719,500Percent CompleteTotal cost$378,200 $356,475$734,675Materials ConversionShaping and Milling DepartmentBeginning work in process inventoryUnits started into productionduring MayUnitsWeighted-Average Method20055%30%(a separate calculation is made for each cost categoryin each processing department)5,000Cost of beginningCost addedUnits completed during May andtransferred to the next department4,800100%100%Cost per equivalent unit =work in process inventoryduring the periodEquivalent units of productionEnding work in process inventory40040%25%Shaping and Milling DepartmentCosts per Equivalent UnitWe always assume that units transferred out of a department are 100% completewith respect to the processing done in that department.Materials Conversion24$ 9,600 $ 5,575Cost of beginning work in process inventoryCosts added during the periodTotal cost (a)368,600350,900$378,200 $356,475Equivalent units of production (see Exhibit 4–6 O ) (b)Cost per equivalent unit (a) ÷ (b)4,9604,900$76.25$72.75 v fxChapter 4: Applying ExcelA1AВCDE1 Chapter 4: Applying Excel23 Data4 Beginning work in process inventory:Units in process200Completion with respect to materialsCompletion with respect to conversionCosts in the beginning work in process inventory:55%730%8.$9,600$5,5755,0009.Materials cost10Conversion cost11 Units started into production during the period12 Costs added to production during the period:$368,600$350,90013Materials cost14Conversion cost15 Ending work in process inventory:Units in process16400Completion with respect to materialsCompletion with respect to conversion1740%1825%1920 Enter a formula into each of the cells marked with a ? below2122 Weighted Average method:2324Equivalent Units of Production25MaterialsConversion26 Units transferred to the next department??27 Equivalent units in ending work in process inventory:28Materials29Conversion30 Equivalent units of production??3132Costs per Equivalent Unit33MaterialsConversion34 Cost of beginning work in process inventory35 Costs added during the period36 Total cost?37 Equivalent units of production38 Cost per equivalent unit???

Solution: Introduction: Process Costing is a determination of cost for each process. It is mainly…

Answered: Check your worksheet by changing the…

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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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

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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