2 BIUDAYA 2 > Requirements Prepare income statements in good form for Tiger Mountain Gelato for May 2013 using absorption costing and variable costine Indeet the descriptions for any subtotals using the increase indent button Double underline operating income (Always cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction tab you will be marked wrong Enter all amounts as positive values. Do not use a minu Absorption Costing Variable Casting Reconcile the recebew ering income and finished Goodstoryblances between the two con methods was creces and formulas where appropriate to receive full credit. If you copy/paste from the instruction to you will be marked wrong Enteralmente as positive values. Do not useaminus Absorption Cang Vla Costing 16 cest point to correct INTRANSWERS E NTERANSWERS ENTERANSWERS Ready Requirement 4 Reconcile the differences between operating incomes and Finished Goods Inventory balances between the two costing methods. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be Absorption Costing Variable Costing Operating Income Finished Goods Inventory HINTS 1. Use the selections in the drop-down menu to select the correct description. 2. Use cell references to point to the correct unit or dollar amounts from ENTERANSWERS1 and ENTERANSWERS2 tabs. 3. All values should be entered as positive values. Cell Hint: E29:30 Use the ABS function (absolute value) to calculate the difference in Operating Income and Finished Goods Inventory under Absoption and Variable costing methods. F G H Requirements: 1 Calculate Tiger Mountain Gelato's product cost per pint under absorption costing and variable costing 2 Calculate the balance in Finished Goods Inventory on May 31, 2018, using absorption costing and variable costing 3 Prepare income statements in good form for Tiger Mountain Gelato for May 2018 using absorption costing and variable costing. 4 Reconcile the differences between operating incomes and Finished Goods Inventory balances between the two costing methods. Excel Skills: 1 Use data validation to select descriptions. 2 Create formulas with cell references. 3 Format the cells appropriately for dollars, numbers, or units. 4 Use the ABS function (absolute value) in a formula. Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add-solution-date to end of file name 2 Upload and submit your file to be graded. a Navigate back to the activity window-screen where you downloaded the initial spreadsheet b. Click Choose button under step 3, locate the file you just saved and click Open c. click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 click on Results tab in My Accountinglab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Scorecard window.click on Live Comments Report (lower right) to download spreadsheet with feedback v X Cut = = = v Calibri (Body) 11 A BI U vv Av General aste 25 Wrap Text Merge & Center Format $ % DATA Tiger Mountain Gelato incurs the following costs for its premium ice cream in May 2018: Direct materials cost per pint 2.50 per pint Direct labor cost per pint 0.75 per pint Variable manufacturing overhead cost per pint 0.25 per pint Fixed manufacturing overhead costs 6,000 per month Total fixed selling and administrative costs 5,000 per month Sales price per pint 8.00 per pint Pints of gelato produced 12,000 pints Pints of gelato sold 11.500 pints There were no beginning inventories, so Tiger Mountain Gelato has 500 pintsin ending Finished Goods Inventory (12,000 pints produced less 11,500 pints sold). Requirement1 Calculate Tiger Mountain Gelato's product cost per pint under absorption costing and variable costing. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction tab you will be marked wrong. Enter all amounts aspe Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total unit product cost Absorption Variable Costing Costing $ 2.50 $ 2.50 0.75 0.75 0.25 0.25 0.50 $ 4.00 $ 3.50 Requirement 2 Calculate the balance in Finished Goods Inventory on May 31, 2018, using absorption costing and variable costing (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction tab you will be marked wrong. Enter all amounts as DATA Tiger Mountain Gelato incurs the following costs for its premium ice cream in May 2018: Direct materials cost per pint 2.50 per pint Direct labor cost per pint 0.75 per pint Variable manufacturing overhead cost per pint 0.25 per pint Fixed manufacturing overhead costs 6,000 per month Total fixed selling and administrative costs 5,000 per month Sales price per pint 8.00 per pint Pints of gelato produced 12.000 pints Pints of gelato sold 11,500 pints There were no beginning inventories, so Tiger Mountain Gelato has 500 pintsin ending Finished Goodsir Requirement 1 Calculate Tiger Mountain Gelato's product cost per pint under absorption costing and variable costing. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from Absorption Costing Variable Costing Requirement 2 Calculate the balance in Finished Goods Inventory on May 31, 2018, using absorption costing and variab (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste fromt Beginning Inventory in units Units produced Units available for sale Units sold Ending Inventory in units Absorption Costing Variable Costing Ending inventory in units Product cost per unit Balance in Finished Goods Inventory HINTS Cell Hint: Requirement 3 Prepare income statements in good form for Tiger Mountain Gelato for May 2018 using abso Indent the descriptions for any subtotals using the increase indent button. Double underline (Always use cell references and formulas where appropriate to receive full credit. If you copy Absorption Costing Requirement 4 Reconcile the differences between operating incomes and Finished Goods Inventory balance (Always use cell references and formulas where appropriate to receive full credit. If you copy Absorption Costing Variable Costing Difference Operating Income Finished Goods Inventory HINTS Use the selections in the drop-down menu to select the correct description Use cell references to point to the correct unit or dollar amounts from ENTERANSWERS1 and EN . All values should be entered as positive values. Cell Hint: 29:30 Use the ABS function (absolute value) to calculate the difference in Operating Income ant Absoption and Variable costing methods. rption costing and variable costing. operating income. paste from the instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a mir Variable Costing s between the two costing methods. paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a mir ERANSWERS2 tabs. Finished Goods Inventory under