Lewis Company had 8,000 units of product in work in process inventory at the beginning of the period and started 16,000 units during the period. At the end of the period, 4,000 units remained in work in process. The ending work in process inventory was estimated to be 40 percent complete. The cost of the units in beginning work in process inventory was $22,080. During the period, $38,400 of product costs were added.
Required
a. Construct a spreadsheet that incorporates the preceding data into a table. The following screen capture is an example.
b. Insert a section into the spreadsheet to calculate total manufacturing costs.
c. Insert a section into the spreadsheet to calculate equivalent units and cost per equivalent unit.
d. Insert a section into the spreadsheet to allocate the manufacturing costs between finished goods and ending work in process.

Spreadsheet Tip
(1) The cells that contain numbers below row 7 should all be formulas so that changes to the data in rows 3 to 6 will automatically be reflected in the rest of the spreadsheet.

Transcribed Image Text:

% Complete # LInits 8,000 Cost $2,080 $38,400 Beginning Work in Proccos Invontory Added lu Wurk in Prucuss Duriry the Puriud Ending Work in Process Inventory 16,000 4,000 40% Manufacturing Costs Beginning Work in Process Inventory Costs Added During the Period Total $ 22,080 38 д00 $ 60,480 (b) Units x % Complete 20,000 x 4,000 x Equvalent Units Units Transferred Out 100% = 20,000 1,600 21,600 (c) Ending Work in Process Inventory Total 40% = 2.00 (b/c) Cost Per Cquivalent Unit Equivalent Unts x Unt Cost Allocation of Costs 20,000 x 5 2.80 = $ 56,000 1,600 x $ 2.80 = Transfer-Out Costs Ending Work in Process Inventory 4,480 $ 60,480 (d) Total