Ask Question, Ask an Expert

+61-413 786 465

[email protected]

Ask Accounting Basics Expert

Accounting


Home >> Accounting Basics

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. If you do not get these answers, find the errors in your worksheet and correct them.

Chapter 4: Applying Excel

 

 

 

 

 

 

 

 

 

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

?

?

 

 

Ending work in process:

 

 

 

 

Materials

?

 

 

 

Conversion

 

?

 

 

Equivalent units of production

?

?

 

 

 

 

 

 

 

Costs per Equivalent Unit

 

 

 

Materials

Conversion

 

 

Cost of beginning work in process inventory

?

?

 

 

Costs added during the period

?

?

 

 

Total cost

?

?

 

 

Equivalent units of production

?

?

 

 

Cost per equivalent unit

?

?

 

 

 

 

 

 

 

Costs of Ending Work in Process Inventory and the Units Transferred Out

 

 

Materials

Conversion

Total

 

Ending work in process inventory:

 

 

 

 

Equivalent units of production

?

?

 

 

Cost per equivalent unit

?

?

 

 

Cost of ending work in process inventory

?

?

?

 

 

 

 

 

 

Units completed and transferred out:

 

 

 

 

Units transferred to the next department

?

?

 

 

Cost per equivalent unit

?

?

 

 

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

?

 

 

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9944442

Have any Question?


Related Questions in Accounting Basics

Question what discoveries have you made in your research

Question: What discoveries have you made in your research and how does this information inform your ability to evaluate effective coaching and its impact on organizations? Consider these guiding questions: 1. What core c ...

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question the following information is taken from the

Question: The following information is taken from the accrual accounting records of Kroger Sales Company: 1. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next 2 months (Febr ...

Assignment 1 lasa 2-capital budgeting techniquesas a

Assignment 1: LASA # 2-Capital Budgeting Techniques As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You ha ...

Assignment 2 discussion questionthe finance department of a

Assignment 2: Discussion Question The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the N ...

Question in this case you have been provided financial

Question: In this case, you have been provided financial information about the company in order to create a cash budget. Management is seeking advice or clarification on three main assumptions the company has been operat ...

Question 1what step in the accounting cycle do adjusting

Question: 1. What step in the accounting cycle do Adjusting Entries show up 2. How do these relate to the Accounting Worksheet? 3. Why are they completed at the end of each accounting period? The response must be typed, ...

Question is it important for non-accountants to understand

Question: Is it important for non-accountants to understand how to read financial statements? If you are not part of the accounting/finance function in a business what difference would it make? The response must be typed ...

Question refer to the hat rack cash flow statement 2002 in

Question: Refer to the Hat Rack Cash Flow Statement, 2002 in the text on page 17. Answer the following questions and submit to me via Canvas by the due date. 1. Cash flow from operations? 2. Cash flow from investing? 3. ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved