Process Costing using the Weighted-Average Method 1. Compute the equivalent units of production using the weighted-average method. 2. Compute the cost per equivalent unit using the weighted-average method. 3. Assign costs to units using the weighted-average method. 4. Prepare a cost reconciliation report. Saved ? 23 8 Sign In Cells Editing Excel Sims 1 Process Costing using the Weighted-Average Method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A A % Paste BIU- Clipboard Font Alignment Number Conditional Format as Cell Formatting Table Styles Styles C8 X fx 1.57.18 A 8 pedi D E 1 Hayword, Inc. uses weighted-average costing and has two departments - mixing and packaging. 2 The following information relates to work in the mixing department for the month of July: 3 4 Work in process, July 1: 5 Units in process 300 ook 6 Percent completed with respect to materials 60% 7 Percent completed with respect to conversion 40% 8 Cost in the beginning inventory: int 9 Materials cost $10,500 10 Conversion cost $6,750 11 Units started into production during the period 6,200 rences. 12 Costs added to production during the period: 13 Materials cost $332,150 14 Conversion cost $407,645 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials 18 Percent completed with respect to conversion 19 20 Use the data to answer the following. 21 22 1. Compute equivalent units. 23 24 Mixing Department Equivalent Units of Production READY Attempt(s) Sheet1 450 40% 30% ET + 100% Het Show Me x My Grades-282125 Spring 202 x + cation.com/ext/map/index.html?_con-con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation Saved Process Costing using the Weighted-Average Method - Excel ? B FILE 86 HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 AA 96 Paste BIU Clipboard Font G Alignment Number Conditional Format as Cell Cells Formatting Table Styles- Styles Editing C8 x Je A B D E 22 1. Compute equivalent units. 23 24 25 Mixing Department Equivalent Units of Production Materials Conversion 26 Units transferred to the next department 27 Ending work in process: 28 Materials 29 Conversion 30 Equivalent units of production 31 32 2. Compute cost per equivalent unit. 33 34 35 Mixing Department Cost per Equivalent Unit Materials Conversion 36 Cost of beginning work in process 37 Cost added during the period 38 Total cost 39 Equivalent units of production 40 Cost per equivalent unit 41 42 3. Assign costs. 43 44 45 Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion READY Attempt(s) Sheet1 Total + 100% Show Me Prev 1 of 1 ims 2. Compute the cost per equivalent unit using the weighted-average method. 3. Assign costs to units using the weighted-average method 4. Prepare a cost reconciliation report. Process Costing using the Weighted-Average Method - Excel FILE HOME INSERT PAGE LAYOUT * Calibri -11 -A A Paste BIU Clipboard Fort C8 v X fx A FORMULAS 96 DATA REVIEW VIEW Alignment Number Conditional Format as Cell Formatting Table Styles- Styles 43 44 45 Mixing Department Costs of Ending Work in Process Inventory and the Units Transferred Out 46 Ending work in process inventory: 47 Equivalent units of production 48 Cost per equivalent unit 49 Cost of ending work in process inventory 50 51 Units completed and transferred out: 52 Units transferred to the next department 53 Cost per equivalent unit 54 Cost of units transferred out 55 56 4. Prepare reconciliation. 57 58 Mixing Department Cost Reconciliation 59 Costs to be accounted for: 60 Cost of beginning work in process inventory 61 Costs added to production during the period 62 Total cost to be accounted for 63 Costs accounted for as follows: 64 Cost of ending work in process inventory 65 Cost of units transferred out 66 Total cost accounted for Materials Conversion 4 Sheet1 Cells Editing D E Total B Sign In Prev 1 of 1