Managerial Accounting Problem: Using Microsoft Excel (Show calulations/work)

Problem #1: Comprehensive Problem - Weighted-Average Method - Villa Products, located in Chicago, uses the weighted-average method in its process costing system. It manufactures a product called Worzel that goes through three processing stages prior to completion. Information on work in the first department, Cleaning, is given below for May:

Production data:
Pounds in process, May 1; materials 100% complete; conversion 90% complete	69,000
Pounds started into production during May.	340,000
Pounds completed and transferred out.	?
Pounds in process, May 31; materials 80% complete; conversion 20% complete.	15,000
Cost data:
Work in process inventory, May 1:
Materials cost	$ 78,000
Conversion cost	$ 15,300
Cost added during May:
Materials cost	$ 405,140
Conversion cost	$ 83,950

Requirements:

1. Compute the equivalent units of production for materials and conversion for May.

2. Compute the cost per equivalent unit for materials and conversion for May.

3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.

4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.

5. Prepare a cost reconciliation report for May.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Problem #2: Process Costing Journal Entries - Mike-Loves-Chocolate, Inc, makes chocolate truffles. The company has two processing departmentsCooking and Molding. In the Cooking Department, the raw ingredients for the truffles are mixed and then cooked in special candy-making vats. In the Molding Department, the melted chocolate and other ingredients from the Cooking Department are carefully poured into molds and decorative flourishes are applied by hand. After cooling, the truffles are packed for sale. The company uses a process costing system. The T-accounts below show the flow of costs through the two departments in April:

Work in Process - Cooking

	Debit		Credit
Balance 4/1	11,000	Transfer out	763,000
Direct materials	332,000
Direct labor	265,000
Overhead	192,000

Work in Process - Molding

	Debit		Credit
Balance 4/1	16,000	Transfer out	979,000
Direct materials	763,000
Direct labor	125,000
Overhead	88,000

Requirements:

1. Prepare journal entries showing the flow of costs through the two processing departments during April.