EXCEL FORMULAS PLS
CELL REFERENCE PLEASE
B E F G H M N O P Q R Knowing that you have recently completed a managerial accounting course at c. Inventory balances at the beginning and end of August Algonquin college, the president of Buzz manufacturing has asked you the revie are provided below: the accuracy of their draft income statement Additional information about the company follows: a. Only 80% of the rent on facilities applies to factory operations, the remain- der applies to selling and administrative activities. b. Some 75% of the insurance and 90% of the utilities cost apply to factory operations, the remaining amounts apply to selling and administrative activities. 8 9 $ 19.000 D 1 Given Data: 2 Congratulations, you have accepted a new position as the assistant 3. controller with Buzz manufacturing! The controller, Tanya McDougall, has 4 recently taken a 6 week medical leave. In her absence, Ben Hur, the financial 5 accounting clerk, who has little experience in manufacturing accounting, prepared 6 the following draft income statement for August. Buzz Company Income Statement For the month ended August 31 10 Sales $1,757,000 11 Less: Operating expenses 12 Advertising $ 194.300 13 Depreciation, factory equipment 14 Depreciation, sales equipment 117,300 16 Indirect labour 205,300 10 mec la 225,300 40.000 17 Insurance 116,300 10:00 18 Maintenance, factory 24 300 19 Purchases of raw materials 315,300 20 Rent on facilities 146,300 21 Selling and administrative salaries 145,300 Utilities costs 161,300 1,770,300 23 Operating income (loss) $ (13.300) 24 46,000 119,300 80% 20% Allocation of Rent on facilities Factory operations Selling and administrative expense Allocation of Insurance Factory operations Selling and administrative expense Allocation of Utilities Factory operations Selling and administrative expense Raw materials inventory, August 1 Raw materials inventory, August 31 Work in process inventory, August 1 Work in process inventory, August 31 Finished goods inventory, August 1 Finished goods inventory, August 31 labour 15 Direct laboru 75% 25% 77,000 94,000 22,000 166,000 90% 10% Cost of goods manufactured ? 22 25 28 29 30 31 32 Buzz Company Schedule of Cost of Goods Manufactured For the Month Ended August 31 Direct materials: Raw materials available for use Raw materials used in production Manufacturing overhead: 24 41 42 43 44 - 45 a 46 27 2 48 2 49 so 50 51 52 53 54 55 Total manufacturing overhead Total manufacturing costs Cost of goods manufactured 55 56 2. As a second step, prepare a new income statement for the month. 57 Buzz Company 58 Income Statement 59 For the Month Ended August 31 60 61 Sales 62 0 Cost of goods sold: 63 64 65 Cost of goods available for sale - 66 67 Cost of goods sold 68 Gross margin 69 Selling and administrative expenses: 0 70 71 72 73 74 75 76 77 Total selling and administrative expenses: 78 Operating income (loss) 79 80 81 82
