A B 1 Job Order Costing 3. C D G H L M N 2 Using Excel to calculate a predetermined overhead allocation rate, journalize and post manufacturing journal entries, and adjust for overallocated or underallocated overhea Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. 4 the following inventory balances at May 31, 2018: Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported 5 6 7 Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory $25,000 $18,000 $43,000 8 During June, 2018, Cedar River actually used 1,100 machine hours. 9 10 Use the blue shaded areas on the ENTERANSWERS tabs for inputs. 12 positive values. Do not use a minus sign or parentheses for any values. 11 ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Enter all amounts as 13 14 Requirements: 15 1 Compute the predetermined overhead allocation rate for 2018. Use the blue shaded areas for inputs. Possible Points 3 16 17 2 Use Excel to journalize the transactions in the general journal. The account titles are available when you click the down-arrow. Use the Increase Indent button on the Home tab to indent items. 23 18 19 20 21 22 23 24 25 26 27 28 3 Post the transactions to T-accounts. The balances in the T-accounts are automatically updated. Enter the beginning balances for the inventories. Assume the rest of the accounts have beginning balances of zero 4 Adjust the manufacturing overhead account. a. Prepare the journal entry. b. Post to T-accounts. 24 5 List the ending balances for Raw Materials Inventory, Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. 4 A B C D E F G H 1 Requirement 1 M N 2 Compute the predetermined overhead allocation rate for fiscal year 2018. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will 3 be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values. 4 Predetermined overhead Total estimated overhead costs/Total estimated machine hours allocation rate 5 6 7 8 Total estimated overhead costs 9 10 Total estimated machine hours 11 12 Predetermined overhead allocation rate 13 14 15 16 HINTS 17 Cell Hint: 18 88, B10 Refer to the problem statement for the inputs. Do not use an equal sign () when entering a numeric value. 19 20 21 32 Al A To the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. fx Requirement 2 B 25 26 27 (f) 28 29 30 31 32 33 (g) Incurred other manufacturing overhead on account, $22,000 Allocated manufacturing overhead for June 2018. Machine hours: 1,100 during June. OH Rate: $25/hour. $220,000 of trikes were completed during June. 34 35 36 (h) 37 38 39 40 41 42 43 44 45 46 Sold $450,000 of trikes on account. Sold $450,000 of trikes on account. The cost of the trikes sold was $245,000. HINTS Enable Edit C D E F G 47 Enter debits, then credits.. Use the values given in each transaction. Do not use an equal sign() when entering a numeric value 48 directly provided in the transaction explanation. 49 50 51 Cell Hint: C14:016 | In the appropriate cells, begin the formula with an equal sign (s), and use the values in the transaction description to calculate the dollar amounts for direct and indirect labor. C27:D28 In the appropriate cells, begin the formula with an equal sign (), and use the values in the transaction description to calculate the amount of manufacturing overhead. 52 A B 1 Requirement 3 D E F G H Post the transactions. The balances in the T-accounts are automatically updated. Enter the beginning balances for the inventories. Assume the rest of the accounts have beginning balances of zero (do not enter zero as the 2 beginning balances). (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or 3 parentheses for any values. 3456789 Accounts Receivable Accounts Payable 0 Sales Revenue 10 11 Raw Materials Inventory Wages Payable 12 bal. 13 14 0 15 16 Work-in-Process Inventory 17 bal. 18 19 20 21 22 23 Finished Goods Inventory 24 bal. 25 26. 27 28 29 30 0 HINTS 0 Manufacturing Overhead Cost of Goods Sold 1. Enter the beginning balances and amounts of transactions by using cell references to ENTERANSWERS2 and 31 Instructions tabs. Make sure to use the appropriate debit or credit value. 2. Enter the amounts in order they appear on ENTERANSWERS2 tab. Some of the input cells marked in blue may 32 not require entries. Do not leave any blank lines between the amounts. a in the annennoate Tarrnunte uca call rafaranras to ENTER ANSWERCAsh to onet the adictina antru from. Instructions ENTERANSWERS1 ENTERANSWERSZ ENTERANSWERS3 Ready ENTERANSWERS4 83 A 1 Requirement 4 2 Adjust the manufacturing overhead account. 3a. Prepare the journal entry. 4 b. Post the journal entry to the ENTERANSWERS3 tab. D E F G H (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. 5 Enter all amounts as positive values. Do not use a minus sign or parentheses for any values. 6 7 8 Date: (0) Account/Explanation 9 10 Adjusted manufacturing overhead 11 12 Debit Credit 13 Requirement 5 14 List the ending balances for Raw Materials Inventory, Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. 15 (Always use cell references and formulas where appropriate to receive full credit. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.) 16 17 10 19 201 21 22 23 24 25 Account Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold HINTS Ending balance 26 27 Cell Hint C8:C9 in the appropriate cells, begin the formula with an equal sign (), and use cell references to the ENTERANSWERS3 tab to calculate the amount of adjusting entry. Do not refer to the ending balance cells in your calculations. 28 C18:C21 Use cell references to the ENTERANSWERS3 tab to enter the ending balances. 29 30 31 32 33 34