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COST ACCOUNTING

Computer Assignment

PROCESS COSTING

Sweetooth manufactures cakes in two departments, Mixing and Baking, using a process cost system. Data for each department for 20X3 are as follows:

Mixing Baking

Units: Work-in-process 1/1/X3 3,000 6,000

Started in process 49,000 ?

Completed and transferred 45,000 40,000

Work-in-process 12/31/X3 5,000 10,000

Costs: Work-in-process 1/1/X3

Transferred-in $ n/a $ 9,195

Materials 11,710 -0-

Conversion 2,926 2,524

Added to department

Transferred-in n/a ?

Materials 29,890 70,000

Conversion 45,374 75,190

Other: Materials added (% conversion) 0% 75%

Conversion complete

Beginning work-in-process 2/3 25%

Ending work-in-process 50% 60%

Inspection (% conversion) 100% 100%

Normal spoilage (% of units started) 3% 2%

The ingredients (flour, mild, eggs, etc.) are added at the beginning of the production process in the Mixing Department (i.e., 0% conversion). The cakes are baked in the Baking Department, after which the icing is applied (i.e., at 75% conversion).

Requirements: Use Microsoft Excel to prepare a cost of production report template for the mixing department to be used for any data for any accounting period:

1. Enter the data above at the top of a spreadsheet exactly as it appears.

2. Prepare a cost of production report for the mixing department.

a. Use the format presented in class (Example with spoilage).

b. Program the spreadsheet to accommodate the use of either the weighted averageor the FIFO method for the Mixing Department.

3. The reports and journal entries should change automatically with changes in the data.

a. Enter all data into the reports with cell references to the data above (i.e., do not type the information directly into the report cells).

b. IF statements will be required (use the Excel Help feature for instructions).

4. The spreadsheet should create journal entries to transfer costs from WIP-Mixing to WIP-Baking(journal entries to record direct materials, direct labor and the overhead are not required). Be sure to include any entries to record abnormal spoilage costs.

5. Display cost per equivalent unit amounts with five decimals.

6. Display allocated costs and journal entry amounts with two decimals.

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