Mid-Term Exam for Financial AccountingExcel Exam outline attachedExam performed in Class shell….

Mid-Term Exam for Financial AccountingExcel Exam outline attachedExam performed in Class shell.
Question 3 Notes from Instructor:There is an issue with the Cost per unit and the Outputs section of the Cost of Production report.
My apologies, I was told that these items were corrected.
If you haven't submitted your exam and can still access it, you can make changes, OR if you have submitted it, I will adjust your score based on the answers you enter(ed) for this part and the entries in part b.
On the materials line enter the Cost per unit at 2 decimal places and calculate the

Mid-Term Exam for Financial AccountingExcel Exam outline attachedExam performed in Class shell.
Question 3 Notes from Instructor:There is an issue with the Cost per unit and the Outputs section of the Cost of Production report.
My apologies, I was told that these items were corrected.
If you haven't submitted your exam and can still access it, you can make changes, OR if you have submitted it, I will adjust your score based on the answers you enter(ed) for this part and the entries in part b.
On the materials line enter the Cost per unit at 2 decimal places and calculate the transferred and ending WIP amounts using the Cost per unit at 2 decimal places. These answers will not add up to the total amount given for material outputs.
For direct labor, enter the Cost per unit using 2 decimal places, according to the instructions. The calculation of the given transferred amount uses the unrounded 3 decimal places version of the cost per unit amount, while the WIP amount (you calculate) uses the 2 decimal place version of the cost per unit amount. Again doing it this way is incorrect (inconsistent) and does not provide the correct given total for labor outputs, but that is what you have to do to get the problem correct.
For the total conversion cost in WIP, add the Ending WIP labor and MOH costs. The total conversion cost for transferred + WIP will not equal the correct total conversion cost output when you add them together.
Finally, add the conversion cost + the material cost in the transferred COLUMN to get total cost and then do the same for the WIP COLUMN. The total cost for Transferred + WIP again will not total to the amount is should in the total outputs column.
DO NOT LEAVE THE BOXES BLANK. Enter either amounts using these corrections, OR what they should actually by. I will adjust your scores on this question depending on what you enter.

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