29 Jun Question Barsoux Inc.
Question
Barsoux Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month.
Work in process, beginning:
Units in process 1,00
Percent complete with respect to materials 70%
Percent complete with respect to conversion 80%
Costs in the beginning inventory:
Materials cost $ 525
Conversion cost $ 1,696
Units started into production during the month 11,000
Units completed and transferred out 10,700
Costs added to production during the month:
Materials cost $ 83,405
Conversion cost $ 223,606
Work in process, ending:
Units in process 400
Percent complete with respect to materials 50%
Percent complete with respect to conversion 20%
Required: Transfer the information in the table above to an Excel spreadsheet and prepare the solutions to the following questions. Your solution should show the appropriate formulas and the detailed calculations. In using Excel, you should use appropriate formulas and functions to show your understanding of basic Excel functions. Clearly identify your answer to each question.
Using the weighted-average method:
a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of units transferred out of the department during the month.
d. Determine the cost of ending work in process inventory in the department.
e) Prepare a reconciliation report.
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