Using Excel, solve the following questions. You should have interactive cells; chaning the inputswill be reflected on the outputQ1. To produce a product, it should visit two departments A and B. During January, the beginningwork in process in Department A was 60% (conversion and direct material cost) Thebeginning inventory included $12,000 for materials and $3,000 for conversion costs. As forthe ending WIP in Department A was 45% complete. To finalize the product, directmaterials are added at the beginning of the process.Beginning WIP in Department B was 85% complete (conversion cost), while Directmaterials are added at the end of the process. Beginning inventories included $26,000 fortransferred-in costs and $25,000 for conversion costs. Ending inventory was 35% complete.More information about the two departments is shown below.Beginning WIP unitsBA20,00020,000Units started in January40,00050,000Units transferred in January50,000Ending work-in-process units15,00020,000Material costs added$48,000$28,000Direct manufacturing labor$26,000$40,000Conversion costs$ 18,000$34,000a) Prepare a production cost worksheet using the FIFO process costing for department B.

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Answered: Using Excel, solve the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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