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1. Use your plan of action to solve each problem found in Appendix A, clearly outlining the procedures used, providing a concise explanation of each
1. Use your plan of action to solve each problem found in Appendix A, clearly outlining the procedures used, providing a concise explanation of each step, labeling relevant formulas, and showing worked out calculations and complete solutions. You may use a calculator or Excel spreadsheet to help perform the necessary calculations, but all corresponding work must be shown completely. 2. Answer all questions posed in the problem; if applicable, analyze and evaluate your results and provide a contextual explanation of the solutions you obtained. 3. Review your calculations and solutions and make sure that an external viewer would be able to follow your methodology and make sense of your calculations and corresponding explanations. Make certain that you have completed all steps of each problem. Problem #1: Managerial Overview Use the information below to calculate the missing amounts (shown by letters) in the Schedule of Raw Materials Placed in Production and the Schedule of Cost of Goods Manufactured. Cycle Manufacturing Company Schedule of Raw Materials Placed in Production Month Ended January 31 Raw Materials Inventory, beginning balance $ Current period raw materials purchases 20.000 Raw materials available for production $60,000 Raw Materials Inventory, ending balance Raw materials placed in production $50,000 Indirect materials included in manufacturing overhead 4.000 Direct materials placed in production A B $ 90,000 Cycle Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended January 31 WIP Inventory, beginning balance Current period manufacturing costs: Direct materials D Direct labor E Manufacturing overhead 64.000 Total current period manufacturing costs Total cost of work in process WIP Inventory, ending balance Cost of Goods Manufactured 326.000 $ F 78.000
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