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*(cost accounting) Process Cost Excel Project create a model for a production cost report...

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Accounting

*(cost accounting)

Process Cost Excel Project

create a model for a production cost report using the weighted average method for the month of xxx. you should have an input area in which you put the department information for the month, and an output area that calculates the production cost report. As always, you should have only formulas or references in your output area. include directions for users in text boxes

After completion of the production cost report using the weighted average method, create a new worksheet and label the tab FIFO. Create a production cost report using the same information using the FIFO method.

Department Data:

Information about units:

Units in beginning WIP

24,000

Started during the month

221,000

Units in Ending WIP

31,000

Percentage of Completion:

Beginning Inventory:

Direct materials

60%

Conversion

80%

Ending Inventory:

Direct Materials

50%

Conversion

70%

Costs in Beginning WIP:

Direct materials

$210,800

Conversion

$132,500

Costs incurred during the month:

Direct Materials

$1,154,550

Direct Labor

$45,000

Overhead

$609,480

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