A Condi nal Formatting Format as Table Cell Styles Paste Font Alignment Number Ceils 127 x fx D A C 1 Building Blocks of Managerial Accounting Prepare Income Statement Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under 4 the "COSTOFGOODSSOLD* tab 5 Beginning of 5 Year End of Year End of Year 7 Raw materials inventory $ 23,000 $ 25,000 Insurance on plant $ 11,500 Work in process inventory $ 35,000 $ 31,000 Depreciation-plant building and equipment $13.400 Finished goods Inventory $ 20,000 $ 22,000 Repairs and maintenance-plant 5 3,700 10 Purchases of direct materials $ 74,000 Marketing expenses $77,000 Direct labor $ 86,000 General and administrative expenses $ 28,500 12 Indirect labor $ 42,000 13 14 Assume that the company has the following sales during the year: Price per 15 Units sold unit 16 34,000 $ 12 17 16 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be 19 marked wrong 20 21 Requirement 22 Prepare the income statement for West Nautical Company in for the most recent year. 23 Check your spelling carefully and do not abbreviate. 24 b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. c -25 Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted 26 Saving & Submitting Solution 21 Save file to desktop. 99 Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded 1 Navigate back to the activity window-screen where you downloaded the initial spreadsheet a2 b. Click Choose button under step 3; locate the file you just saved and click Open 33 c. Click Upload button under step 3 d. Click Submit button under step 4 35 36 Viewing Results 27 1 Click on Results tab in MyAccountinglab 2 Click on the Assignment you were working on 29 3 Click on Project link this will bring up your Score Card 40 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback 41 a. INSTRUCTIONS COSTOFGOODSSOLD ENTERANSWER + H24 X & fx A B 23,000 74,000 97,000 25,000 72,000 35,000 1 **DATA SHEET -- DO NOT ENTER ANSWERS HERE** 2 3 Calculation of Direct Materials Used 4 Beginning Raw Materials Inventory $ 5 Plus: Purchases of direct materials re 6 Materials available for use $ 7 Less: Ending Raw Materials Inventory -2 8 Direct materials used $ 9 10 Schedule of Cost of Goods Manufactured 11 Beginning Work in Process Inventory $ 12 Plus Manufacturing costs incurred: 13 Direct materials used 14 Direct labor 15 Manufacturing overhead 16 Total manufacturing costs to account for $ 17 Less: Ending Work in Process Inventory 18 Cost of goods manufactured $ 19 20 Calculation of Cost of Goods Sold 21 Beginning Finished Goods Inventory $ 22 Plus: Cost of goods manufactured 23 Cost of goods available for sale $ 24 Less: Ending Finished Goods Inventory 25 Cost of goods sold $ 26 27 72,000 86,000 70,600 263,600 31,000 232,600 20,000 232,600 252,600 22,000 230,600 28 LE A % Paste Font Alignment Number Format as Table Cell Styles D20 x fx A B C (Always use cell references and formulas where appropriate to receive full credit. If 1 copy/paste from the Instruction tab you will be marked wrong.) you 2 3 West Nautical Company 4 Income Statement 5 For Current Year 6 7 8 20 1 2 -3 Operating income -4 5 16 17 000 w 20 21 N 23 24 25 26 27 28 29 30 31 32 33
