AutoSave Off File Home Insert D3 MG2423(1).xlsx Page Layout Formulas Data Review View Help fx A B C D E F G 10 11 12 13 14 15 16 17 18 19 21 22 23 24 25 26 Background Information. I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lamps/nightlights for use in bedrooms. These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region. The business is in its tenth year and has asked you to assist in planning for next year's operations. The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors. The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted. If the mold meets the expectations of Big Al an order of 500 lamp parts is placed Each lamp kit consists of the parts required to complete one lamp; a figurine, a lamp shade and the required electrical components. There are presently 10 different figurines that come in six different colors, 60 models. There are presently 10 workers in the plant. They are responsible for receiving the raw material, manufacturing the product, packing and shipping. In addition to Big Al there are two office workers who are responsible for all administrative duties. Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two. Big Al heard about your skills in managerial accounting and would like your assistance in the following areas: 27 28 29 30 Part 1 Process Costing 31 Part 2 Job Order Costing 32 33 34 35 36 37 38 39 40 41 42 43 44 45 45 To upload your work to Big Al the file without changing the name. Pay attention to the specific location that Excel saves the file Return to the bottom of the page that you downloaded the file from, Cybertext.com, The Book List, Building Blocks of Accounting-A Managerial Perspective. Enter password, Upload Your Excel File. If you upload an old version of the file the results will not update. Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends someone to destroy your work or it is lost in transmission You may find it easier to work on this project if you print a hard copy of all the pages. NOTE: If there are any questions about the project e-mail markfriedman@miami.edu or call 305.284.6296 Grade will be based upon answers entered into the shaded boxes 47 48 49 50 51 Ready Introduction Accessibility Investigate FAQ 1 11 12 13. Type here to search Sea Save Off . MG2423(1).xlsx Home Insert Page Layout Formulas Data Review View Help A B C D 16 E G H Search (Alt-Q) Sales Cost of Goods Sold Gross Profit I See The Light Projected Income Statement For the Period Ending December 31, 20x1 25,000 lamps @, $45.00 @ $30.00 $1,125,000.00 750,000.00 $ 375,000.00 Selling Expenses Fixed $23,000.00 Variable (Commission per unit) @ $3.00 75,000.00 $ 98,000.00 Administrative Expenses: Fixed $42,000.00 Variable @ $2.00 50,000.00 92 000 00 Total Selling and Administrative Expenses: Net Profit Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Introduction FAQ By Accessibility investigate Type here to search I See The Light Projected Balance Sheet As of December 31, 20x1 2 11 12 13 190,000.00 $ 185,000.00 $ 34,710.00 67,500.00 500 $16.00 0 3000 $30.00 8,000.00 90,000.00 $ 200,210.00 come Insert Page Layout Formulas Data Review View Help B C D 16 E F G. H I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @$16.00 0 3000 @ $30.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity Introduction Accessibility Investigate FAQ 1. 2 11 12 13 Type here to search $ 34,710.00 67,500.00 8,000.00 90,000.00 $ 200,210.00 $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ 54,000.00 $ 54,000.00 $ 12,000.00 147,410.00 159.410.00 $ 213,410.00