Complete EX 3-16 Cost of Production report using the attached Excel template. Upload your Excel file using the following naming protocol: LastnameFirstnameEX3-16

 

Complete EX 3-16 Cost of Production report using the attached Excel template.

Upload your Excel file using the following naming protocol:

LastnameFirstnameEX3-16 

WRD FinMan 14e_EX (3)-16.xlsx WRD FinMan 14e_EX (3)-16.xlsx 

Ex. 17(3)-16

Exercise 17(3)-16
Name: 0
Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
48
Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")
0
Key Code: [Key code here] Total SUM(AD13:AD15)
Instructions 48
Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16
Cells with non-gray backgrounds are protected and cannot be edited. 0%
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. Notes:
Enter a zero in cells you would otherwise leave blank. If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " "
If number-entry or blank-entry box is incorrect, returns "*"
A. Morning Brew Coffee Company If number-entry or blank-entry box is correct, returns single space, " "
Cost of Production Report – Roasting Department
For the Month Ended August 31 Gary Menendez, Capital Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.
Gary Menendez, Drawing Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
UNITS Income Summay
(1) Equivalent Units Melissa Breeden, Capital
Whole Units Direct Materials Conversion Melissa Breeden, Drawing
Units charged to production: Retained Earnings
Inventory in process, August 1
Received from materials storeroom
Total units accounted for by the Roasting Department
Units to be assigned costs:
Inventory in process, August 1 ( complete)
Started and completed in August
Transferred to finished goods in August
Inventory in process, August 31 ( complete)
Total units to be assigned costs
COSTS
Costs
Direct Materials Conversion Total
Costs per equivalent unit:
Total costs for August in Roasting Department
Total equivalent units ¸ ¸
Cost per equivalent unit (2)
Costs assigned to production:
Inventory in process, August 1
Costs incurred in August
Total costs accounted for by the Roasting Department
Costs allocated to completed and partially completed units:
Inventory in process, August 1
To complete inventory in process, August 1
Cost of completed August 1 work in process
Started and completed in August
Transferred to finished goods in August (3)
Inventory in process, August 31 (4)
Total costs assigned by the Roasting Department
B.
Direct Materials Conversion
Cost per equivalent unit:
From current period
From beginning inventory
Increase (decrease)
Evaluation comments:
[Key essay answer here]

Sol

Exercise 17(3)-16
Name: Solution
Section:
Score: ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
Enter a zero in cells you would otherwise leave blank.
A. Morning Brew Coffee Company
Cost of Production Report – Roasting Department
For the Month Ended August 31
UNITS
(1) Equivalent Units
Whole Units Direct Materials Conversion
Units charged to production:
Inventory in process, August 1 700
Received from materials storeroom 14,300
Total units accounted for by the Roasting Department 15,000
Units to be assigned costs:
Inventory in process, August 1 ( 20% complete) 700 – 560
Started and completed in August 13,900 13,900 13,900
Transferred to finished goods in August 14,600 13,900 14,460
Inventory in process, August 31 ( 42% complete) 400 400 168
Total units to be assigned costs 15,000 14,300 14,628
COSTS
Costs
Direct Materials Conversion Total
Costs per equivalent unit:
Total costs for August in Roasting Department $ 65,780 $ 21,942
Total equivalent units ¸ 14,300 ¸ 14,628
Cost per equivalent unit (2) $ 4.60 $ 1.50
Costs assigned to production:
Inventory in process, August 1 $ 3,479
Costs incurred in August 87,722
Total costs accounted for by the Roasting Department $ 91,201
Costs allocated to completed and partially completed units:
Inventory in process, August 1 $ 3,479
To complete inventory in process, August 1 $ – $ 840 840
Cost of completed August 1 work in process $ 4,319
Started and completed in August 63,940 20,850 84,790
Transferred to finished goods in August (3) $ 89,109
Inventory in process, August 31 (4) 1,840 252 2,092
Total costs assigned by the Roasting Department $ 91,201
B.
Direct Materials Conversion
Cost per equivalent unit:
From current period $ 4.60 $ 1.50
From beginning inventory 4.70 1.35
Increase (decrease) $ (0.10) $ 0.15
Evaluation comments:
The cost per equivalent unit of materials decreased by $0.10 per pound, and the cost per equivalent unit of conversion increased by $0.15 per pound. Management may wish to investigate the causes for the increase in conversion cost.

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