50.1K

Verified Solution

Link Copied!

Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Scan or use your phone to capture an image and paste a copy of your manual solution in your assignment submission. Consider using a smart phone scanning app. Also paste a spreadsheet solution showing the row and column headings and the formula view. Your report should be completely formula driven.

Design your spreadsheet to meet the assignment requirements. In particular, check the spreadsheet requirements and the Spreadsheet Advice PDF.

1 Process Costing- Weighted Average 2 DATA INPUT 3 Casablanca Ltd. produces a single lacquer paint which passes through two production 4 departments. The following information concerns the first of those production departments 5 Direct materials are added at the beginning of the production process and conversion costs are 6 incurred uniformly throughout the process. Total conversion costs are computed as direct labour 7 costs, plus 8 The following information is available for May 9 Opening Work in Process: 10 Number of units 11 Degree of completion 12 Material costs 13 Conversion costs 14 May Production: 15 Units started 16 Units completed and transferred to Process 2 17 Current material costs 18 Current direct labour costs 19 20 Closing Work In Process: 21 Degree of completion 30% of direct labour costs, for the allocation of overhead costs 5,600 40% $27,000 $57,600 45,600 32,800 $118,700 $187,000 30% 23 The company uses weighted average costing. There is no spoilage or wastage in the production. 24 process 25 Required 26 a) Prepare a Production Cost Report for May, showing the allocation of costs to 27 closing work in process and to production transferred to the next department 28 b) Prepare the Work in process T account for the first production department for May Solve using a spreadsheet showing calculations to tvo decimal places 30

Answer & Explanation Solved by verified expert

See Answer