You are on page 1of 4

A

1

B

C

D

E

F

G

Question 1(a) : Weighted Average method

2
3

Legrolass Ltd.

4
5

Data Input Section

6
7 Details
8 Beginning Work in Process

Units
60000

Percentage of Completion (%)
0.3
1
0.4

9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

Completed and Transferred Out to Finished Goods Inventory
Ending Work in Process

170000
50000

Cost
Mixing Department

1110000

Finishing Department, July 1:
Direct Materials
Direct Labour
Overheads

900000
504000
=B17*150%

Finishing Department during July
Direct Materials
Direct Labour
Overheads

2880000
2580000
=B22*150%

Transferred-in cost per unit

23

27

Additional Information Section

28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57

Details
Beginning Work in Process:
Transferred-in
Direct Materials
Conversion Cost
Ending Work in Process:
Transferred-in
Direct Materials
Conversion Cost

Percentage Completed
1
=IF(C8>=25%,"100%","0%")
0.3

1
=IF(C10>=25%,"100%","0%")
0.4

*In the finishing department, materials are added only at 1 point, that is, when processing is 25% complete.
*Overhead is allocated on the basis of 150% of direct labour cost.

Output Section
Work in Process, July 1
Units Transferred in during July
Total units to account for

Physical Units
=B8
=B47-B45
=B52

Units Completed and Transferred out
Units completed and transferred out
Ending work in process
Total units accounted for

=B9
=B10
=B50+B51

Percentage of Completion
=C8

=C10

Beginning work in process
Cost incurred during July
Total cost to account for
58 Equivalent units for July only (/)
59 Cost per equivalent units
60
61
62
63
64
65
66
67
68

Cost of goods completed and transferred out of the Finishing Department during July
Completed and transferred out
Cost remaining in July 31 work-in-process inventory in the Finishing Department
Transferred-in
Direct Materials
Conversion Cost
Total cost accounted for

=B50*G59

=D51*D59
=E51*E59
=F51*F59

=B65+B66+B67
=C62+C67

Transferred-in

Direct Material

Conversion Cost

=B9
=B10
=D50+D51

=B9
=B10
=E50+E51

=B9
=C51*B51
=F50+F51

=B13
=B46*B25
=D55+D56
=D52
=D57/D58

=B16
=B21
=E55+E56
=E52
=E57/E58

=B17+B18
=B22+B23
=F55+F56
=F52
=F57/F58

Total

=D55+E55+F55
=D56+E56+F56
=G55+G56
=D59+E59+F59

July 1 46 Units Transferred in during July Physical Units =B8 =B46-B44 =B52 47 48 49 50 51 52 =B44 =B9-B49 =B10 =B49+B50+B51 Transferred-in Direct Material Conversion Cost 0 =$C$50*$B$50 =B36*B51 =D49+D50+D51 0 =$C$50*$B$50 =B37*B51 =E49+E50+E51 =C33*B49 =$C$50*$B$50 =B38*B51 =F49+F50+F51 54 55 Cost 56 Beginning work in process 57 Cost incurred during July 0 =D52*B25 0 =B21 0 =B22+B23 58 Total cost to account for 59 Equivalent units for July only =D52 =D56/D58 =E52 =E56/E58 =F52 =F56/F58 Total Total units to account for Units Completed and Transferred out Beginning work in process Units completed and transferred out Ending work in process 53 Total units accounted for 60 61 62 63 64 65 66 67 68 69 70 71 72 73 Percentage of Completion =C8 1 =C10 Cost per equivalent units (/) Cost Assignment Beginning work in process (BWIP) Cost to complete BWIP Total cost to complete BWIP =G55 =(E49*E59)+(F49*F59) =B62+B63 =D50*G59 =C64+C66 Completed and transferred out Ending work in process (EWIP) Transferred-in Direct Materials Conversion Cost 74 Total cost accounted for =D51*D59 =E51*E59 =F51*F59 =B69+B70+B71 =C67+C72 =B13+B16+B17+B18 =D56+E56+F56 =G55+G56 =D59+E59+F59 .7 1 =IF(C10>=25%.3 0 0 0. materials are added only at 1 point."100%". 4 5 Data Input Section 6 7 Details 8 Beginning Work in Process Units 60000 Percentage of Completion (%) 0.3 1 0."0%") 0."100%". July 1: Direct Materials Direct Labour Overheads 900000 504000 =B17*150% Finishing Department during July Direct Materials Direct Labour Overheads 2880000 2580000 =B22*150% Transferred-in cost per unit 23 27 Additional Information Section 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Details Beginning Work in Process: Transferred-in Direct Materials Conversion Cost Ending Work in Process: Transferred-in Direct Materials Conversion Cost Percentage Completed Percentage yet to be Completed 1 =IF(C8>25%.4 *In the finishing department. that is.A 1 B C D E F G Question 1(a) : FIFO method 2 3 Legrolass Ltd. Output Section 44 45 Work in Process. *Overhead is allocated on the basis of 150% of direct labour cost.4 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Completed and Transferred Out to Finished Goods Inventory Ending Work in Process 170000 50000 Cost Mixing Department 1110000 Finishing Department. when processing is 25% complete."0%") 0.

4 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Completed and Transferred Out to Finished Goods Inventory Ending Work in Process 170000 50000 Cost Mixing Department 1110000 Finishing Department. July 1: Direct Materials Direct Labour Overheads 900000 504000 =B17*150% Finishing Department during July Direct Materials Direct Labour Overheads 2880000 2580000 =B22*150% Transferred-in cost per unit 23 27 Additional Information Section 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Details Beginning Work in Process: Transferred-in Direct Materials Conversion Cost Percentage Completed 1 =IF(C8>=25%."100%"."100%". *Conversion costs of Finishing Department in the current month increased by 25%."0%") 0.3 Ending Work in Process: Transferred-in Direct Materials Conversion Cost 1 =IF(C10>=25%. materials are added only at 1 point. *Overhead is allocated on the basis of 150% of direct labour cost. when processing is 25% complete. Output Section Work in Process. July 1 Units Transferred in during July Total units to account for Physical Units =B8 =B50-B48 =B55 Units Completed and Transferred out Units completed and transferred out Ending work in process Total units accounted for =B9 =B10 =B53+B54 Percentage of Completion =C8 =C10 Cost Beginning work in process Cost incurred during July Total cost to account for 61 Equivalent units for July only (/) 62 Cost per equivalent units 63 64 65 66 67 68 69 70 71 Cost of goods completed and transferred out of the Finishing Department during July Completed and transferred out =B53*G62 Cost remaining in July 31 work-in-process inventory in the Finishing Department Transferred-in =D54*D62 Direct Materials =E54*E62 Conversion Cost =F54*F62 Total cost accounted for =B68+B69+B70 =C65+C70 Transferred-in Direct Material Conversion Cost =B9 =B10 =D53+D54 =B9 =B10 =E53+E54 =B9 =C54*B54 =F53+F54 =B13 =B49*B25 =D58+D59 =D55 =D60/D61 =B16 =B21 =E58+E59 =E55 =E60/E61 =B17+B18 =B40 =F58+F59 =F55 =F60/F61 Total =D58+E58+F58 =D59+E59+F59 =G58+G59 =D62+E62+F62 ."0%") 0.A 1 B C D E F G Question 1(b) : Weighted Average method 2 3 4 Legrolass Ltd.4 Conversion cost =(B22+B23)*125% *In the finishing department.3 1 0. that is. 5 Data Input Section 6 7 Details 8 Beginning Work in Process Units 60000 Percentage of Completion (%) 0.

000. 4 5 Data Input Section 6 7 Details 8 Beginning Work in Process Units Percentage of Completion (%) Completed and Transferred Out to 9 Finished Goods Inventory 10 Ending Work in Process 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 30% 170.500.00 $ $ 2.000.500.00 504.A 1 B C D E F G Question 1(b) : FIFO method 2 3 Legrolass Ltd.00 0 110.000 220.00 1.000 110.00 Transferred-in cost per unit $ 23.00 87.00 3.000. *Conversion costs of Finishing Department in the current month increased by 25%.000.622.00 $ 0 2.00 $ $ 160.250.000.892.000 Units Completed and Transferred out Beginning work in process Units completed and transferred out Ending work in process Total units accounted for Transferred-in 60.000 50.500.750.238.000 100% 40% Cost Mixing Department $ 1.000.500.00 $ $ 9. that is.000 50000 160.905.500.150.00 $ $ 172.88 .00 Completed and transferred out Ending work in process (EWIP) Transferred-in Direct Materials Conversion Cost $ $ $ 0 110.000 50.000.00 Additional Information Section Details Beginning Work in Process: Transferred-in Direct Materials Conversion Cost Percentage Completed Percentage Yet to be Completed 100% 100% 30% Ending Work in Process: Transferred-in Direct Materials Conversion Cost 0% 0% 70% 100% 100% 40% *In the finishing department.000 23. Output Section 47 48 Beginning work in process (BWIP) 49 Transferred-in 50 Total units to account for 51 52 53 54 55 56 60. when processing is 25% complete.000 100% 40% 57 58 59 60 61 64 65 66 67 68 69 70 71 72 73 74 75 76 77 Direct Material Conversion Cost Total 30% $ 5.880.750.00 900.000 20000 172.000 46.000.666.000.00 Finishing Department during July Direct Materials Direct Labour Overheads $ $ $ 2.000.062.968.000.00 14.892.000 160.270.000 220.000 $ 0 3.110.000 18. materials are added only at 1 point. *Overhead is allocated on the basis of 150% of direct labour cost. July 1: Direct Materials Direct Labour Overheads $ $ $ 900.88 $ 3.000.062.00 $ 160.000.00 $ 42000 110.000 Cost Beginning work in process Cost incurred during July Total cost to account for 62 Equivalent units for July only 63 Cost per equivalent units Cost Assignment Beginning work in process (BWIP) Cost to complete BWIP Total cost to complete BWIP $ $ 3.000 50000 160.680.500.00 756.00 Conversion Cost for the month $ 8.000.580.00 Finishing Department.870.00 17.00 2.000 0 $ 8.00 14.000 Physical Units Percentage of Completion 60.500.00 17.880.00 937.270.00 1.987.