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
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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