foxwood company problem where we have the solutions but need to repeat and make a balance sheet (excel + formulas) with those numbers and have as a solution the same as in the picture.

Explain the formulas used and which numbers are sum.

Refer to the Foxwood Company case (page 71-73)

Remake the calculation in Excel

Give a short (1-2 lines) description of your thinking for each step

Refer to the Foxwood Company case (page 71-73)

Remake the calculation in Excel

Give a short (1-2 lines) description of your thinking for each step

Foxwood Company is a metal- and woodcutting manufacturer, selling products to the homeconstruction market, Consider the following data for 2017: 1. Prepare an income statement with a separate supporting schedule of cost of goods mantfactured. For all manufacturing items, classify costs as direct costs or indirect costs and indicate by V or F whether each is a variable cost or a fixed cost (when the cost object is a product unit). If in doubt, decide on the basis of whether the total cost will change substantially over a wide range of units produced. Solution 1. Fenwoed Company lacome Statoment Amenues Cort ol goods sold Boginaing finiated-goodr inventory, Jamuary 1, 2017 Cost of poods manutactured (see the following schedule) Cost of goods malable for sale Dedect ending finished-poods inventory. December 31, 2017 Operating costs Morketing promotions Morketing ralaries Oittribution costs Customer-service costs Operosing income 10150,000450,000910,000 Schedule of Cost of Coods Manutactured Oirect materials Beginning inventory, January 1, 2017 Purchases of direct material Cost of direct materiats avglable foc use Ending inventory, December 31, 2017 Direct materials used 100,000100,00070,000100,000 Direct manulactariog labor Indirect manufacturing costs Sandpaper Materials-hansling costs Wicceltaneous iodroct manufacturing tabor Depreciation-plantequipment 36,000(F) Property taxes on plant ecuipenent Fire insurance on plant equpmert Manufacturing costs ineured doring 2017 $2000m Besining work-in-process inventoy, Jenuery 1, 2017 Total manufatturing costs to account for Ending work-in-process inventery. December 31, 2017 Cost of goods macafactured to incone statemootl