2 Excel Assignment - Standard Costs 3 4 Name: 5 Access ID: 6 7 You work in the corporate controller's office for Sharpe Glassworks, Inc. Sharpe manufactures 12 8 ounce beer bottles for smaller breweries who lack the scale or vertical integration to make their 9 own. The bottles are sold to brewers by the case, at prices generally ranging between $25 and $28 10 per case, and there are 100 bottles to a case. 11 12 13 14 You must enter 15 your AccessID in 16 cell BS. The facts 17 of this case will not 18 appear until you do. 19 20 21 22 23 24 25 26 27 28 29 30 31 32 A1 D 6 H D F Sharpe Glassworks, Inc. Standard Cost Worksheet 1 2 M N Standard Quantity metric tons Standard Price Standard Cost x hours hours 3 4 Manufacturing Cost Element Direct materials 6 7 Direct labar B 9 Manufacturing overhead 10 11 Total 12 13 14 15 Supporting calculations 16 17 28 19 0 21 3 5 6 > 8 9 0 -1 2 3 14 Instructions Standard Costs January Review LAY A B F H 1 M 2 3 Sharpe Glassworks, Inc. Income Statement *FOR INTERNAL USE ONLY" $ S sales revenue 6 Cost of goods sold (at standard) 7 Standard gross profit 8 Variances 9 Materials price 10 Materials quantity 11 Labor price 12 Tabor quantity 13 Manufacturing overhead 14 Total variance 15 Gross profit (actual) 16 17 18 19 Supporting calculations: 20 21 22 23 24 25 26 27 28 29 30 31 33 34 35 . Instructions Standard Casts This assignment needs to be done using Excel ONLEY. Please show supporting calculations INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the "Standard Costs" tab. All items should be shown to at least two decimal places, except metric tons per case, which must be shown to at least four decimal places. 2. Complete the Standard Cost Income Statement in the "January Review" tab. 3. Prepare, in a separate Word document, a brief memo describing which variances you, in a controlling function, are most curious about, and why. Who would you contact for explanations about those variances. Your solution should use formulas and cell references instead of keyed in values where possible. For instance, each tab has an area to show your work, and you should use formulas to work out standard quantities, price variances, etc., then cell references to pull those results into the required schedule. Besides reinforcing good practices, this will make your work easier and less subject to error. Load both completed files into Canvas by 8:00 PM on April 26. [ - Note on decimal places (and why so many of them are needed for standard quantities). If, for instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 metric tons.] 2 Excel Assignment - Standard Costs 3 4 Name: 5 Access ID: 6 7 You work in the corporate controller's office for Sharpe Glassworks, Inc. Sharpe manufactures 12 8 ounce beer bottles for smaller breweries who lack the scale or vertical integration to make their 9 own. The bottles are sold to brewers by the case, at prices generally ranging between $25 and $28 10 per case, and there are 100 bottles to a case. 11 12 13 14 You must enter 15 your AccessID in 16 cell BS. The facts 17 of this case will not 18 appear until you do. 19 20 21 22 23 24 25 26 27 28 29 30 31 32 A1 D 6 H D F Sharpe Glassworks, Inc. Standard Cost Worksheet 1 2 M N Standard Quantity metric tons Standard Price Standard Cost x hours hours 3 4 Manufacturing Cost Element Direct materials 6 7 Direct labar B 9 Manufacturing overhead 10 11 Total 12 13 14 15 Supporting calculations 16 17 28 19 0 21 3 5 6 > 8 9 0 -1 2 3 14 Instructions Standard Costs January Review LAY A B F H 1 M 2 3 Sharpe Glassworks, Inc. Income Statement *FOR INTERNAL USE ONLY" $ S sales revenue 6 Cost of goods sold (at standard) 7 Standard gross profit 8 Variances 9 Materials price 10 Materials quantity 11 Labor price 12 Tabor quantity 13 Manufacturing overhead 14 Total variance 15 Gross profit (actual) 16 17 18 19 Supporting calculations: 20 21 22 23 24 25 26 27 28 29 30 31 33 34 35 . Instructions Standard Casts This assignment needs to be done using Excel ONLEY. Please show supporting calculations INSTRUCTIONS 1. Complete the Standard Cost Worksheet in the "Standard Costs" tab. All items should be shown to at least two decimal places, except metric tons per case, which must be shown to at least four decimal places. 2. Complete the Standard Cost Income Statement in the "January Review" tab. 3. Prepare, in a separate Word document, a brief memo describing which variances you, in a controlling function, are most curious about, and why. Who would you contact for explanations about those variances. Your solution should use formulas and cell references instead of keyed in values where possible. For instance, each tab has an area to show your work, and you should use formulas to work out standard quantities, price variances, etc., then cell references to pull those results into the required schedule. Besides reinforcing good practices, this will make your work easier and less subject to error. Load both completed files into Canvas by 8:00 PM on April 26. [ - Note on decimal places (and why so many of them are needed for standard quantities). If, for instance, your standard quantity was 28,700 grams of sand per unit of finished goods, then your standard quantity would be 28,700 grams divided by one million grams per metric ton, or 0.0287 metric tons.]