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File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X Arial 12 AI ab General $ %) Conditional Formatting Format as Table Cell Styles FO ! Insert 2X Delete Format ' JO Paste | I U A Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis A1 X fx Comprehensive Project 1 B D E F G H 1 J 1 Comprehensive Project 1 2 Using Excel 3 Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 4 2024, the company's inventory balances were as follows: 5 6 8 Raw Materials Inventory $40,000 7 Work-in-Process Inventory $18,000 Finished Goods Inventory $35,000 9 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total 10 manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. 11 12 Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024. 13 1. Use the blue shaded areas for inputs. (MOH Tab) Use Excel to journalize the transactions listed in the Transactions tab for 14 2. the current year, 2024. (Journal Entries tab) Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T-accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate 15 3. the appropriate balance in that account. (T-Accounts tab) 4. Adjust the manufacturing overhead account. (MOH adj tab) 17 a. Prepare the journal entry. b. Post to T-accounts. 5. Complete the Schedule of Cost of Goods Manufactured for 2024. 20 6. Complete the Cost of Goods Sold schedule for 2024. 21 7. Prepare income statements in good form for Boyd for 2024. Instructions Transactions MOH Rate Solution T-Accounts 16 18 19 data Journal Entries Solution + Ready HI 120% It File Home Insert Draw Page Layout Formulas Data Review Power Pivot Share X Insert Arial 12 - AA ale y View Developer Help Conditional Formatting I Format as Table Cell Styles General $ % ) 60 .00 LO ' Jov I NE Delete Fm IN Analyze Data Paste B I U A Y IM Format Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X for A B C D E F G Requirement 5: Complete the Schedule of Cost of Goods Manufactured. 1 2 3 4 5 Schedule of Cost of Goods Manufactured 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Requirement 6: Complete the cost of Goods Sold schedule. 25 26 27 Schedule of Cost of Goods Sold 28 29 30 31 32 33 34 35 36 37 T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut + Contril ... Ready 1 + 100% gi . File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share ale Insert X LG Arial 12 AA A Fm General $ %) Conditional Formatting Format as Table Cell Styles 27 JO 2X Delete Paste A .00 IH Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X for | A B C D E F 45 Requirement 7: Complete the Income Statement 46 47 48 49 Income Statement 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Requirement 8 Use the information provided below, the high low method and the contribution margin approach to prepare a contribution format income sta Use your mixed cost formulas to create your contribution format statement. Reference the DATA cell(s) as provided to complete your statement below. Format as numbers. Round to 2 decimal places 64 65 66 67 68 69 Boyd Corporation Income Statement For the Year 2023 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income 70 71 $ 2,600,000 1,443,760 1,156,240 497,000 $ 659,240 72 73 74 75 Boyd sold 400 units in 2023 76 77 78 79 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit 80 81 Stan 2 Civad Cact T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut Contril ... + THE Ready TO 1 + 100% H File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot 13 Share X a2 Insert Arial . AP 12 General $ % ) . Conditional Formatting Format as Table Cell Styles LA 9X Delete y Paste A ill 60 .00 0 0 Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X B D E F G 61 62 63 64 65 66 A Requirement 8 Use the information provided below, the high low method and the contribution margin approach to prepare a contribution format income sta Use your mixed cost formulas to create your contribution format statement. Reference the DATA cell(s) as provided to complete your statement below. Format as numbers. Round to 2 decimal places Boyd Corporation Income Statement For the Year 2023 Sales Revenue $ 2,600,000 Cost of Goods Sold 1,443,760 Gross Profit 1,156,240 Selling and Administrative Expenses 497,000 Operating Income $ 659,240 67 68 69 70 71 72 73 74 75 Boyd sold 400 units in 2023 76 77 78 79 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit 80 81 82 Step 2 - Fixed Cost 83 84 Step 3 - Mixed Cost Formula 85 86 87 Selling & Administrative Costs Step 1 - Variable cost per unit 88 89 Step 2 - Fixed Cost 90 91 Step 3 - Mixed Cost Formula 92 93 94 Contribution Format 95 96 97 98 T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut Contril ... ... + Ready B 1 + 100% File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X ab #Insert Arial 12 AA General $ %) 60 @ Conditional Formatting Format as Table Cell Styles o 9X Delete Paste BIU CA == = Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X fi C D F F G A B 68 For the Year 2023 69 Sales Revenue 70 Cost of Goods Sold 71 Gross Profit 72 Selling and Administrative Expenses 73 Operating Income 74 75 Boyd sold 400 units in 2023 76 $2,600,000 1,443,760 1,156,240 497,000 $ 659,240 77 78 79 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit 80 81 82 Step 2 - Fixed Cost 83 84 Step 3 - Mixed Cost Formula 85 86 Selling & Administrative Costs Step 1 - Variable cost per unit 87 88 89 Step 2 - Fixed Cost 90 91 Step 3 - Mixed Cost Formula 92 93 94 95 Contribution Format 96 97 98 99 100 101 102 103 104 105 T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut Contril ... # Ready EO 3 + 100% O File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X Custom Insert Arial ~A? 12 ale JO 0 IN LA $% 9X Delete Paste MA Conditional Formatting 2 Format as Table Cell Styles Styles 40 .00 .000 Format Analyze Data Clipboard Font Alignment Number Cells Editing Analysis D5 X fic A B D E F G H 1 1 2 3 4 Per Unit 5 DATA (refer to Requirement 8) Description Unit Sales for 2024 500 Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income 6 7 8 9 10 11 Breakeven Target Profit $ $ 755,000 12 13 14 15 16 17 18 Requirement 9 Use the contribution margin approach to compute the company's annual breakeven in units. Reference the DATA cell(s) in your formula below. Format as a number. 19 20 21 Breakeven in Units 22 23 24 Requirement 10 Use the contribution margin ratio approach to compute the breakeven point in sales dollars. Reference the DATA cel(s) in your formula for contribution margin ratio below. Format the ratio as a percentage, breakeven in dollars as accounting number format in whole dollars. 25 26 27 28 Contribution margin ratio Breakeven in Dollars 29 30 31 32 33 Requirement 11 Use the contribution margin approach to compute the annual sales level (in units) required to earn a target operating income of $755,000 Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units to reach the target operating income. 34 35 36 COGM, COGS, Inc St, Cont Solut Contrib Marg Approach Solution + Ready 3 1 + 100% File Home Insert Draw Page Layout Formulas Data Review Power Pivot Share Insert LE ' Arial A 12 ae E == Custom $ % ) .00 View Developer Help Conditional Formatting I Format as Table Cell Styles DX Delete v Lv F@ IN Analyze Data Paste BIU a. Ar L! Format Clipboard Font Alignment Number Styles Cells Editing Analysis D5 fo A F H 32 B B E G Requirement 11 Use the contribution margin approach to compute the annual sales level (in units) required to earn a target operating income of $755,000 Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units to reach the target operating income. 33 34 35 36 37 38 39 Target sales level (in units) 40 41 Requirement 12 Use the contribution margin approach to compute the annual increase in operating income if sales increase to 501 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 42 43 44 45 Operating Income Increase in Operating Income 46 47 48 49 Requirement 13 Use the contribution margin approach to compute the annual decrease in net operating income if sales fall by 90 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 50 51 52 53 Operating Income Decrease in Operating Income 54 55 56 Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 57 58 59 60 61 Operating Income Decrease in Operating Income 62 63 64 65 Requirement 15 1 COGM, COGS, Inc St, Cont Solut Contrib Marg Approach Solution + + Ready TO 1 + 100% File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X ab Insert Arial 12 AA BIUD a. Av @ Custom $ % 60 Conditional Formatting Format as Table Cell Styles o DX Delete Paste Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis D5 fa A B D E F G H | 54 Decrease in Operating Income 55 56 Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 57 58 59 60 61 Operating Income Decrease in Operating Income 62 63 64 65 66 Requirement 15 Use the contribution margin approach to compute the change in net operating income if the sales increase by 10% and advertising Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 67 68 69 70 Operating Income Decrease in Operating Income 71 72 73 74 75 Requirement 16 Use the contribution margin approach to calculate margin of safety in dollars and as a percent. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 76 77 78 79 Margin Safety $ Margin Safety % 80 81 82 83 84 Requirement 17 Use the contribution margin approach to calculate operating leverage. What is the estimated percent increase in net income if sale Reference the DATA cell(s) in your formula below. Format as number. 85 86 87 88 89 Operating Leverage Increase in Operating Income % New Operating Income $ COGM, COGS, Inc St, Cont Solut , Contrib Marg Approach Solution + Ready EO B + 100% File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X Arial 12 AI ab General $ %) Conditional Formatting Format as Table Cell Styles FO ! Insert 2X Delete Format ' JO Paste | I U A Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis A1 X fx Comprehensive Project 1 B D E F G H 1 J 1 Comprehensive Project 1 2 Using Excel 3 Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 4 2024, the company's inventory balances were as follows: 5 6 8 Raw Materials Inventory $40,000 7 Work-in-Process Inventory $18,000 Finished Goods Inventory $35,000 9 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total 10 manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. 11 12 Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024. 13 1. Use the blue shaded areas for inputs. (MOH Tab) Use Excel to journalize the transactions listed in the Transactions tab for 14 2. the current year, 2024. (Journal Entries tab) Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T-accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate 15 3. the appropriate balance in that account. (T-Accounts tab) 4. Adjust the manufacturing overhead account. (MOH adj tab) 17 a. Prepare the journal entry. b. Post to T-accounts. 5. Complete the Schedule of Cost of Goods Manufactured for 2024. 20 6. Complete the Cost of Goods Sold schedule for 2024. 21 7. Prepare income statements in good form for Boyd for 2024. Instructions Transactions MOH Rate Solution T-Accounts 16 18 19 data Journal Entries Solution + Ready HI 120% It File Home Insert Draw Page Layout Formulas Data Review Power Pivot Share X Insert Arial 12 - AA ale y View Developer Help Conditional Formatting I Format as Table Cell Styles General $ % ) 60 .00 LO ' Jov I NE Delete Fm IN Analyze Data Paste B I U A Y IM Format Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X for A B C D E F G Requirement 5: Complete the Schedule of Cost of Goods Manufactured. 1 2 3 4 5 Schedule of Cost of Goods Manufactured 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Requirement 6: Complete the cost of Goods Sold schedule. 25 26 27 Schedule of Cost of Goods Sold 28 29 30 31 32 33 34 35 36 37 T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut + Contril ... Ready 1 + 100% gi . File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share ale Insert X LG Arial 12 AA A Fm General $ %) Conditional Formatting Format as Table Cell Styles 27 JO 2X Delete Paste A .00 IH Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X for | A B C D E F 45 Requirement 7: Complete the Income Statement 46 47 48 49 Income Statement 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Requirement 8 Use the information provided below, the high low method and the contribution margin approach to prepare a contribution format income sta Use your mixed cost formulas to create your contribution format statement. Reference the DATA cell(s) as provided to complete your statement below. Format as numbers. Round to 2 decimal places 64 65 66 67 68 69 Boyd Corporation Income Statement For the Year 2023 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income 70 71 $ 2,600,000 1,443,760 1,156,240 497,000 $ 659,240 72 73 74 75 Boyd sold 400 units in 2023 76 77 78 79 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit 80 81 Stan 2 Civad Cact T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut Contril ... + THE Ready TO 1 + 100% H File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot 13 Share X a2 Insert Arial . AP 12 General $ % ) . Conditional Formatting Format as Table Cell Styles LA 9X Delete y Paste A ill 60 .00 0 0 Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X B D E F G 61 62 63 64 65 66 A Requirement 8 Use the information provided below, the high low method and the contribution margin approach to prepare a contribution format income sta Use your mixed cost formulas to create your contribution format statement. Reference the DATA cell(s) as provided to complete your statement below. Format as numbers. Round to 2 decimal places Boyd Corporation Income Statement For the Year 2023 Sales Revenue $ 2,600,000 Cost of Goods Sold 1,443,760 Gross Profit 1,156,240 Selling and Administrative Expenses 497,000 Operating Income $ 659,240 67 68 69 70 71 72 73 74 75 Boyd sold 400 units in 2023 76 77 78 79 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit 80 81 82 Step 2 - Fixed Cost 83 84 Step 3 - Mixed Cost Formula 85 86 87 Selling & Administrative Costs Step 1 - Variable cost per unit 88 89 Step 2 - Fixed Cost 90 91 Step 3 - Mixed Cost Formula 92 93 94 Contribution Format 95 96 97 98 T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut Contril ... ... + Ready B 1 + 100% File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X ab #Insert Arial 12 AA General $ %) 60 @ Conditional Formatting Format as Table Cell Styles o 9X Delete Paste BIU CA == = Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis B4 X fi C D F F G A B 68 For the Year 2023 69 Sales Revenue 70 Cost of Goods Sold 71 Gross Profit 72 Selling and Administrative Expenses 73 Operating Income 74 75 Boyd sold 400 units in 2023 76 $2,600,000 1,443,760 1,156,240 497,000 $ 659,240 77 78 79 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit 80 81 82 Step 2 - Fixed Cost 83 84 Step 3 - Mixed Cost Formula 85 86 Selling & Administrative Costs Step 1 - Variable cost per unit 87 88 89 Step 2 - Fixed Cost 90 91 Step 3 - Mixed Cost Formula 92 93 94 95 Contribution Format 96 97 98 99 100 101 102 103 104 105 T-Accounts Solution MOH adj and End. Bal. Solution COGM, COGS, Inc St, Cont Solut Contril ... # Ready EO 3 + 100% O File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X Custom Insert Arial ~A? 12 ale JO 0 IN LA $% 9X Delete Paste MA Conditional Formatting 2 Format as Table Cell Styles Styles 40 .00 .000 Format Analyze Data Clipboard Font Alignment Number Cells Editing Analysis D5 X fic A B D E F G H 1 1 2 3 4 Per Unit 5 DATA (refer to Requirement 8) Description Unit Sales for 2024 500 Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income 6 7 8 9 10 11 Breakeven Target Profit $ $ 755,000 12 13 14 15 16 17 18 Requirement 9 Use the contribution margin approach to compute the company's annual breakeven in units. Reference the DATA cell(s) in your formula below. Format as a number. 19 20 21 Breakeven in Units 22 23 24 Requirement 10 Use the contribution margin ratio approach to compute the breakeven point in sales dollars. Reference the DATA cel(s) in your formula for contribution margin ratio below. Format the ratio as a percentage, breakeven in dollars as accounting number format in whole dollars. 25 26 27 28 Contribution margin ratio Breakeven in Dollars 29 30 31 32 33 Requirement 11 Use the contribution margin approach to compute the annual sales level (in units) required to earn a target operating income of $755,000 Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units to reach the target operating income. 34 35 36 COGM, COGS, Inc St, Cont Solut Contrib Marg Approach Solution + Ready 3 1 + 100% File Home Insert Draw Page Layout Formulas Data Review Power Pivot Share Insert LE ' Arial A 12 ae E == Custom $ % ) .00 View Developer Help Conditional Formatting I Format as Table Cell Styles DX Delete v Lv F@ IN Analyze Data Paste BIU a. Ar L! Format Clipboard Font Alignment Number Styles Cells Editing Analysis D5 fo A F H 32 B B E G Requirement 11 Use the contribution margin approach to compute the annual sales level (in units) required to earn a target operating income of $755,000 Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units to reach the target operating income. 33 34 35 36 37 38 39 Target sales level (in units) 40 41 Requirement 12 Use the contribution margin approach to compute the annual increase in operating income if sales increase to 501 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 42 43 44 45 Operating Income Increase in Operating Income 46 47 48 49 Requirement 13 Use the contribution margin approach to compute the annual decrease in net operating income if sales fall by 90 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 50 51 52 53 Operating Income Decrease in Operating Income 54 55 56 Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 57 58 59 60 61 Operating Income Decrease in Operating Income 62 63 64 65 Requirement 15 1 COGM, COGS, Inc St, Cont Solut Contrib Marg Approach Solution + + Ready TO 1 + 100% File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X ab Insert Arial 12 AA BIUD a. Av @ Custom $ % 60 Conditional Formatting Format as Table Cell Styles o DX Delete Paste Format Analyze Data Clipboard Font Alignment Number Styles Cells Editing Analysis D5 fa A B D E F G H | 54 Decrease in Operating Income 55 56 Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 57 58 59 60 61 Operating Income Decrease in Operating Income 62 63 64 65 66 Requirement 15 Use the contribution margin approach to compute the change in net operating income if the sales increase by 10% and advertising Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 67 68 69 70 Operating Income Decrease in Operating Income 71 72 73 74 75 Requirement 16 Use the contribution margin approach to calculate margin of safety in dollars and as a percent. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars 76 77 78 79 Margin Safety $ Margin Safety % 80 81 82 83 84 Requirement 17 Use the contribution margin approach to calculate operating leverage. What is the estimated percent increase in net income if sale Reference the DATA cell(s) in your formula below. Format as number. 85 86 87 88 89 Operating Leverage Increase in Operating Income % New Operating Income $ COGM, COGS, Inc St, Cont Solut , Contrib Marg Approach Solution + Ready EO B + 100%