Managerial accounting: Weighted average method
Production Cost Accounting â€“ Weighted Average Method
Maple, Inc. manufactures syrup that goes through three processing stages prior to completion.Â Information on work in the first department, blending, is given below for August:
|Pounds in process, August 1; materials 100% complete; conversion 70% complete||3,000|
|Pounds started into production during August||85,000|
|Pounds completed and transferred out||?|
|Pounds in process, August 31; materials 80% complete; conversion 30% complete||6,000|
|Work in process inventory, August 1:
|Cost added during May:
The company uses the weighted-average method.
Use an excel document with each tab labeled by item number, which demonstrates the following:
- Compute the equivalent units of production.
- Determine the cost of ending work in process inventory and of the units transferred out to the next department.
- Prepare a cost reconciliation schedule for the month.
Provide your answers in a clearly organized Excel spreadsheet.Â Provide a brief paragraph explaining each calculation.Â Check spelling and formatting for readability. Document your sources, APA citations.