Suppose to plug in given data to the excel which I did but now I dont know which

Question

Suppose to plug in given data to the excel which I did but now I dont know which cells to go with each of the "?" to get the answers. can you note the formulas to get the ? Cells

ezto.mheducation.com C Home Insert Page Layout Formulas taReview 3 Data 4 Beginning work in process in 5 Units in process 6 Completion with respect to materials 7 Completion with respect to conversion 8 Costs in the beginning work in process inventory: 9Materials cost 10 Conversion cost 11 Units started into production during the period 2 Costs added to production during the period 13 Materials cost 4 Conversion cost 15 Ending work in process inventory 16 Units in process 17 Completion with respect to materials 18 Completion with respect to conversion Aria 300 40% 30 % F10 $4,626 $6,357 10,000 1 Chapter 4: Applying Excel 3 Data Work in process, beginning: 5 Units in process 6Completion with respect to materials 7 Completion with respect to conversion 300 40% 30% $383,958 $718,705 Costs in the beginning inventory 100 54,626 $6,357 10,000 9 Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 13 Materials cost 14 Conversion cost 15 Work in process, ending 6 Units in process 17 Completion with respect to materials 18 Completion with respect to conversion 80 % 70% $383,958 718,705 If your formulas are correct, you should get the correct answers to the following questions 100 80% 70% (a) What is the equivalent units of production for materials? 20 Enfer a fomula info each of the cels marked with a ? below 22 Weighted Average method: 24 Equivalent units of production for materials Equivalent Units of Production Materials Conversion 26 Units transferred to the next department 27 Ending work in procoss: 28 Materials 29 Conversion 30 Equivalent units of production 718,705 (b) What is the equivalent units of production for conversion? Costs per Equivalent Unit Materials Conversion Equivalent units of production for conversion 34 Cost of beginning work in process invento 35 Costs added during the period 36 Total cost 37 Equivalent units of production 38 Cost per equivalent unit 39 Costs of Ending Work in Process Inventory and the Units Transferred Out Materials ConversionTotal (c) What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.) 42 Ending work in process inventory: Chapter 4 Form num 1 Cost per equivalent unit for materials

Explanation / Answer

Solution:

First of all we need to understand the treatment of cost and units in process costing when Weighted Average Method is used.

Weighted Average (Average Cost) Method

Physical Units Count

Under this method the percentage completion done in the Beginning Inventory is ignored while calculating the equivalent completed units during the current period. Beginning Inventory Units are treated as fresh units introduced for production.

Cost Accounted for:

- The cost of opening work-in-progress and cost of the current period are aggregated and the aggregate cost is divided by output in terms of completed equivalent units.

- The units of Beginning Inventory of WIP and their cost are taken in full under this method

Ending Inventory

The Ending Inventory of WIP is valued at total cost i.e. Cost added during the month/period and Cost of Beginning WIP.

Primary working for Part a and b

Flow of Production

(Weighted Average Method)

Flow of Physical Units

Equivalent Units

% completion for materials

Material - EUP

% completion for Conversion

Conversion - EUP

Started and Completed during the period

(Units started 10,000 + beginning 300 - Ending 100)

10200

100%

10200

(10,200*100%)

100%

10200

(10,200*100%)

Ending Work In Process

100

80%

80

(100*80%)

70%

70

(100*70%)

Total Units accounted for

10300

Total Equivalent Units

10280

10270

Part a --- Equivalent units of production for material (refer working above) = 10,280 Units

Part b – Equivalent units of production for conversion (refer working above) = 10,270 Units

Working for part c and d

Refer the treatment of cost mentioned above under weighted average method, all the costs are added and divided by equivalent units to find out cost per EUP

Cost per EUP

Direct Materials

Conversion

Cost related to beginning work in process (given)

$4,626

$6,357

Cost incurred during the period (given)

$383,958

$718,705

Total Costs

$388,584

$725,062

Equivalent Units of Production (from part a and b)

10,280

10270

Cost per Equivalent Unit

(Total Cost / EUP)

$37.80

($388,584 / 10,280)

$70.60

($725,062 / 10,270)

Part c – Cost per equivalent unit for material = $37.80

Part d -- Cost per equivalent unit for Conversion = $70.60

Hope the above calculations, working and explanations are clear to you and help you in understanding the concept of question.... please rate my answer...in case any doubt, post a comment and I will try to resolve the doubt ASAP…thank you

Pls ask separate question for remaining parts.

Flow of Production

(Weighted Average Method)

Flow of Physical Units

Equivalent Units

% completion for materials

Material - EUP

% completion for Conversion

Conversion - EUP

Started and Completed during the period

(Units started 10,000 + beginning 300 - Ending 100)

10200

100%

10200

(10,200*100%)

100%

10200

(10,200*100%)

Ending Work In Process

100

80%

80

(100*80%)

70%

70

(100*70%)

Total Units accounted for

10300

Total Equivalent Units

10280

10270

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