Process Costing Using Excel to prepare a production cost report Salish Craft Beers provides the following information for the Malting Department for the month of August 2024: Beginning Work-in-Process Inventory Started in Production in August Total to Account For Completed and Transferred to Packaging Department during August Ending Work-in-Process Inventory, 35% complete for direct materials and 65% complete for conversion costs. Total Accounted For * Includes $1,200 direct materials (DM) and $1,600 conversion costs (CC). ** Includes $23,000 direct materials (DM) and $45,000 conversion costs (CC). Excel Skills Units Costs 2,200 36,000 68,000 38,200 70,800 ? 30,000 Requirement 1. Complete a production cost report for the Malting Department for the month of August 2024 to determine the cost of the units completed and transferred out, and the cost of the ending Work-in-Process Inventory. 1 Enter numbers into cells. 2 Create formulas. 3 Format the cells requiring dollar signs. 4 Format the cells requiring a single underline and cells requiring double underlines. 2,800. Use the blue shaded areas on the ENTER-ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses 8,200 ? 38,200 70,800 Assume Salish Craft Beers uses the weighted-average method. Fill in any headings missing from the 2. Post the appropriate amounts to the Work In Process T-account. 3. Identify the Cost of Goods Manufactured and Work in Process Ending Inventory balance for the Malting Department for August.
Process Costing Using Excel to prepare a production cost report Salish Craft Beers provides the following information for the Malting Department for the month of August 2024: Beginning Work-in-Process Inventory Started in Production in August Total to Account For Completed and Transferred to Packaging Department during August Ending Work-in-Process Inventory, 35% complete for direct materials and 65% complete for conversion costs. Total Accounted For * Includes $1,200 direct materials (DM) and $1,600 conversion costs (CC). ** Includes $23,000 direct materials (DM) and $45,000 conversion costs (CC). Excel Skills Units Costs 2,200 36,000 68,000 38,200 70,800 ? 30,000 Requirement 1. Complete a production cost report for the Malting Department for the month of August 2024 to determine the cost of the units completed and transferred out, and the cost of the ending Work-in-Process Inventory. 1 Enter numbers into cells. 2 Create formulas. 3 Format the cells requiring dollar signs. 4 Format the cells requiring a single underline and cells requiring double underlines. 2,800. Use the blue shaded areas on the ENTER-ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses 8,200 ? 38,200 70,800 Assume Salish Craft Beers uses the weighted-average method. Fill in any headings missing from the 2. Post the appropriate amounts to the Work In Process T-account. 3. Identify the Cost of Goods Manufactured and Work in Process Ending Inventory balance for the Malting Department for August.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
Transcribed Image Text:Process Costing
Using Excel to prepare a production cost report
Salish Craft Beers provides the following information for the Malting Department for the month of August 2024:
Beginning Work-in-Process Inventory
Started in Production in August
Total to Account For
Completed and Transferred to Packaging Department during August
Ending Work-in-Process Inventory, 35% complete for direct materials and 65% complete
for conversion costs.
Total Accounted For
Includes $1,200 direct materials (DM) and $1,600 conversion costs (CC).
** Includes $23,000 direct materials (DM) and $45,000 conversion costs (CC).
Units
Excel Skills
2,200
2,800
36,000 68,000
38,200
70,800
30,000
Use the blue shaded areas on the ENTER-ANSWERS tab for inputs.
ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the
Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses
Requirement
1. Complete a production cost report for the Malting Department for the month of August 2024 to determine
Costs
8,200
?
38,200 70,800
the cost of the units completed and transferred out, and the cost of the ending Work-in-Process Inventory.
Assume Salish Craft Beers uses the weighted-average method. Fill in any headings missing from the
1 Enter numbers into cells.
2 Create formulas.
3 Format the cells requiring dollar signs.
4 Format the cells requiring a single underline and cells requiring double underlines.
*
2. Post the appropriate amounts to the Work In Process T-account.
3. Identify the Cost of Goods Manufactured and Work in Process Ending Inventory balance for the Malting Department for August.
**
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