Fremont Troll House Cookies has been baking coconut cookies for 27 years. Classify manufacturing costs, and prepare schedules for the Cost of Goods Manufactured and the Cost of Goods Sold for the month ended March 31, 2018. 

Requirements 

1. Use Excel to classify the costs 

a. Classify the costs as either period costs or product costs. 

i. To classify the cost, click in the cell. A drop down arrow will appear to the right. Click the arrow and select either Product or Period. 

b. Classify the product costs as direct materials, direct labor, or manufacturing overhead. 

i. To identify the classification, click in the cell. A drop down arrow will appear to the right. Click the arrow. If it’s a product cost, select direct materials, direct labor, or manufacturing overhead. If it’s a period cost, select expense. 

2. Complete the Schedule of Cost of Goods Manufactured. Use the blue shaded areas for inputs. Use the following amounts: direct materials used, $2,500; direct labor, $3,000; manufacturing overhead, $11,000; beginning Work-in-Process Inventory, $1,500; and ending Work-in-Process Inventory, $1,200. 

a. Complete the heading 

b. To select the correct report caption, click in the cell. A drop down arrow will appear to the right. Click the arrow and select the appropriate caption from the alphabetical list. 

c. Indent the captions for Direct Materials Used, Direct Labor, and Manufacturing Overhead. Use the Increase Indent button on the Home tab in the Alignment section. 

d. Complete the amounts to the right. Use the Excel function SUM to sum amounts on the schedule. 

e. Format the cells requiring dollar signs. 

f. Format underlines or double underlines as needed. 

g. Boldface the total. 

3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 16,000 units were manufactured. Use the blue shaded areas for inputs. Use a formula to calculate the cost per unit. 

4. Complete the Cost of Goods Sold schedule. Beginning Finished Goods had 500 units that had a cost of $0.98 each. Ending Finished Goods Inventory had 700 units. 

a. Complete the heading. 

b. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used. 

c. To select the correct report caption, click in the cell. A drop down arrow will appear to the right. Click the arrow and select the appropriate caption from the alphabetical list. 

d. Complete the amounts to the right. Use the Excel function SUM to derive the Cost of Goods Sold. 

e. Format the cells requiring dollar signs. 

f. Format underlines or double underlines as needed. 

g. Boldface the total.