With the data given below we need to fill out the spreadsheet. Data Work in proc

Question

With the data given below we need to fill out the spreadsheet. Data Work in process, beginning: Units in process 200 Completion with respect to materials 55% Completion with respect to conversion 30% Costs in the beginning inventory: Materials cost $9,600 Conversion cost $5,575 Units started into production during the period 5,000 Costs added to production during the period: Materials cost $368,600 Conversion cost $350,900 Work in process, ending: Units in process 400 Completion with respect to materials 40% Completion with respect to conversion 25% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department 110 60 Ending work in process: Materials 160 Conversion 100 Equivalent units of production 270 160 Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory $       9,600 $       5,575 Costs added during the period $368,600 $350,900 Total cost $   378,200 $   356,475 Equivalent units of production 270 160 Cost per equivalent unit $1,400.74 $2,227.97 Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units of production 270 160 Cost per equivalent unit $1,400.74 $2,227.97 Cost of ending work in process inventory $378,200 $356,475 $734,675 Units completed and transferred out: Units transferred to the next department 270 160 Cost per equivalent unit $1,400.74 $2,227.97 Cost of units transferred out ? ? ? Cost Reconciliation Costs to be 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 ? Cost of units transferred out ? Total cost accounted for ? With the data given below we need to fill out the spreadsheet. Data Work in process, beginning: Units in process 200 Completion with respect to materials 55% Completion with respect to conversion 30% Costs in the beginning inventory: Materials cost $9,600 Conversion cost $5,575 Units started into production during the period 5,000 Costs added to production during the period: Materials cost $368,600 Conversion cost $350,900 Work in process, ending: Units in process 400 Completion with respect to materials 40% Completion with respect to conversion 25% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department 110 60 Ending work in process: Materials 160 Conversion 100 Equivalent units of production 270 160 Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory $       9,600 $       5,575 Costs added during the period $368,600 $350,900 Total cost $   378,200 $   356,475 Equivalent units of production 270 160 Cost per equivalent unit $1,400.74 $2,227.97 Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units of production 270 160 Cost per equivalent unit $1,400.74 $2,227.97 Cost of ending work in process inventory $378,200 $356,475 $734,675 Units completed and transferred out: Units transferred to the next department 270 160 Cost per equivalent unit $1,400.74 $2,227.97 Cost of units transferred out ? ? ? Cost Reconciliation Costs to be 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 ? Cost of units transferred out ? Total cost accounted for ?

Explanation / Answer

Equivalent Units of Production Materials Conversion Units transferred to the next department (200+5000-400) 4800 4800 Ending work in process: Materials (400 x 40%) 160 Conversion (400 x 25%) 100 Equivalent units of production 4960 4900 Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory $ 9600 5575 Costs added during the period $ 368600 350900 Total cost $ 378200 356475 Equivalent units of production 4960 4900 Cost of equivalent unit $ 76.25 72.75 Cost of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units of production 160 100 Cost per equivalent unit $ 76.25 72.75 Cost of ending work in process inventory $ 12200 7275 19475 Units completed and transferred out: Units transferred to the next department 4800 4800 Cost per equivalent unit $ 76.25 72.75 Costs of units transferred out $ 366000 349200 715200 Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory $ 15175 Costs added to production during the period $ 719500 Total cost to be accounted for $ 734675 Costs accounted for as follows: Cost of ending work in process inventory $ 19475 Cost of units transferred out $ 715200 Total cost accounted for $ 734675

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