Answered step by step
Verified Expert Solution
Question
1 Approved Answer
chapter 8 applying excel *please format in an excel table that looks as similar as possible to the screenshots provided, it would also be veey
chapter 8 applying excel
Hardin Fabrications is preparing its master budget for the third quarter. Average sales price of merchandise $220 Capacity for the year 25,000 % of next month's sales in production ending inventory % of next month's production in materials ending inventory 30% 25\% Hardin Fabrications is preparing its master budget for the third quarter. \begin{tabular}{|c|c|} \hline Average sales price of merchandise & $220.00 \\ \hline Average ingots of steel per unit & 3.5 \\ \hline Cost of one steel ingot & $17.00 \\ \hline Direct labor hours per unit & 1.5 \\ \hline Direct labor rate per hour & $19.00 \\ \hline \multicolumn{2}{|l|}{ Projected Sales in Units } \\ \hline January & 1,500 \\ \hline February & 1,875 \\ \hline March & 1,750 \\ \hline April & 2,000 \\ \hline May & 1,200 \\ \hline June & 1,900 \\ \hline July & 2,250 \\ \hline August & 2,100 \\ \hline September & 1,650 \\ \hline October & 3,200 \\ \hline November & 1,400 \\ \hline December & 1,900 \\ \hline Variable overhead per unit produced & $40.00 \\ \hline Fixed overhead per year & $96,000 \\ \hline Selling expense per unit sold & $18.00 \\ \hline Fixed administrative expense per year & $125,000 \\ \hline Capacity for the year & 25,000 \\ \hline% of next month's sales in production ending inventory & 30% \\ \hline% of next month's production in materials ending inventory & 25% \\ \hline Units on hand July 1 & 500 \\ \hline Steel ingots on hand July 1 & 2,083 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Budget } & \\ \hline & July & August & September & Total & \\ \hline \multicolumn{6}{|l|}{ Unit Sales } \\ \hline Price per Unit & r & & r & r & \\ \hline \multicolumn{6}{|l|}{ Total Sales } \\ \hline \multicolumn{6}{|c|}{ Production Budget } \\ \hline & July & August & September & Total & October \\ \hline \multicolumn{6}{|l|}{ Unit Sales } \\ \hline Desired Ending Inventory & r. & r & & & r. \\ \hline Total Needs & r & r & r & r & 5 \\ \hline Less: Beginning Inventory & r & r & r & r & r \\ \hline Total Production & r & T & r & & \\ \hline \multicolumn{6}{|c|}{ Direct Materials Purchases Budget } \\ \hline & July & August & September & Total & October \\ \hline \multicolumn{6}{|l|}{ Total Production } \\ \hline Direct Materials per Unit & r & 5 & & & r. \\ \hline Materials Required for Production & r & & & r & \\ \hline Add: Desired Ending Inventory & & & r & & \\ \hline Total Material Needs & r & r & r & r & \\ \hline Less: Beginning Inventory & 5 & 5 & & 5 & \\ \hline Total Purchases & r & 5 & r & r & \\ \hline Cost per Steel Ingot & r & r & r & r & \\ \hline \multicolumn{6}{|l|}{ Total Cost of Direct Materials } \\ \hline \multicolumn{6}{|c|}{ Direct Labor Budget } \\ \hline & July & August & September & Total & \\ \hline \multicolumn{6}{|l|}{ Total Production } \\ \hline Direct Labor Hours per Unit & r & r & r & r & \\ \hline Total Direct Labor Hours Needed for Production & r & r & r & r & \\ \hline Cost per Direct Labor Hour & r & r & r & r & \\ \hline Total Cost of Direct Labor & r & 5 & r & r & \\ \hline \multicolumn{6}{|c|}{ Manufacturing Overhead Budget } \\ \hline & July & August & September & Total & \\ \hline \multicolumn{6}{|l|}{ Total Production } \\ \hline Variable Overhead per Unit Produced & r & & r & & \\ \hline Total Variable Overhead & r & r & r. & r & \\ \hline Fixed Overhead per Unit & r & r & r & & \\ \hline Total Fixed Overhead & r & T & r & r & \\ \hline Total Overhead & r & 1 & 1 & T & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Goods Sold Budget } \\ \hline & July & August & September & Total \\ \hline \multicolumn{5}{|l|}{ Sales Units } \\ \hline Direct Materials Cost per Unit & r & r & r & r \\ \hline Direct Labor Cost per Unit & r & & r & r \\ \hline Variable Overhead Cost per Unit & r & & r & r \\ \hline Fixed Overhead Cost per Unit & r & & r & r \\ \hline Total Product Cost per Unit & r & r & T & \\ \hline Cost of Goods Sold & r & T & T & T \\ \hline \multicolumn{5}{|c|}{ Selling and Administrative Expense Budget } \\ \hline & July & August & September & Total \\ \hline \multicolumn{5}{|l|}{ Sales Units } \\ \hline Variable Selling Expense per Unit & r & r & r & r \\ \hline Total Variable Selling Expense & r & r & & T \\ \hline Fixed Administrative Expense (for the month) & r & & r & r \\ \hline Total Selling and Administrative Expense & & & r & 7 \\ \hline \multicolumn{5}{|c|}{ Hardin Fabrications } \\ \hline \multicolumn{5}{|c|}{ Budgeted Income Statement } \\ \hline \multicolumn{5}{|c|}{ For the Quarter Ended September 30, 20XX } \\ \hline & July & August & September & Total \\ \hline \multicolumn{5}{|l|}{ Sales } \\ \hline Cost of Goods Sold & & r & r & r \\ \hline Gross Profit & r & V & & T \\ \hline Selling and Administrative Expense & 5 & r & r & r \\ \hline Net Operating Income & r & r & r & r \\ \hline \end{tabular} *please format in an excel table that looks as similar as possible to the screenshots provided, it would also be veey helpful if you could include a screenshot of the formulas used for each cell so i can understand best, thank you!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started