*(cost accounting)

Process Cost Excel Project

create a model for a production cost report using the weighted average method for the month of xxx. you should have an input area in which you put the department information for the month, and an output area that calculates the production cost report. As always, you should have only formulas or references in your output area. include directions for users in text boxes

After completion of the production cost report using the weighted average method, create a new worksheet and label the tab FIFO. Create a production cost report using the same information using the FIFO method.

Department Data:

Information about units:
Units in beginning WIP	24,000
Started during the month	221,000
Units in Ending WIP	31,000
Percentage of Completion:
Beginning Inventory:
Direct materials	60%
Conversion	80%
Ending Inventory:
Direct Materials	50%
Conversion	70%
Costs in Beginning WIP:
Direct materials	$210,800
Conversion	$132,500
Costs incurred during the month:
Direct Materials	$1,154,550
Direct Labor	$45,000
Overhead	$609,480