Hello,
I have never taking accounting before and now it is a class I have to take in grad school and I don't understand much about it when it comes to how to get the numbers. Below is my assignment for the week and I found the answers on here but I do not understand how they got them at all. I uploaded the answers on here as well and I don't understand how they filled out the excel sheet without evening knowing what to put in the blanks to even get the answers. I also don't even know if they are correct. Any help will be greatly appreciated if it's a walk through on how they got the answers and filled in the costs of goods manufactured as I don't even know where to begin on that one.
Thank you so much.
AutoSave (O Off) ACT500CTWorksheetMod03Option01 (2) - Excel O Search Warren W X File Home Insert Page Layout Formulas Data Review View Help Share Comments X Calibri 11 - AA = ag Wrap Text Custom Insert * Conditional Format as Cell Delete * AY O Paste BIU~ OVA. Merge & Center $ ~ % " 70 20 Sort & Find & Ideas Formatting * Table Styles Format Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas A19 X A B C D E F G H K L M N 0 Below is manufacturing data from Webster Company for January, 2020. W N 4 Beginning raw materials inventory 321,300 5 Raw materials purchased 845,150 6 Ending raw materials inventory 275,475 7 Direct labor costs 104,590 Indirect materials 47,560 9 Indirect labor 29,876 10 Factory utilities and maintenance 148,890 11 Factory depreciation 19,876 12 Other factory related overhead 7,890 13 Beginning work in process 225,678 14 Ending work in process S 214,545 15 16 1. Use this information to produce a Schedule of Cost of Goods Manufactured in the next tab 17 18 2. Cost of Goods Sold for January was $1,460,000. What was the change in Finished Goods Inventory during the month (indicate positive or negative change)? 19 20 21 22 Data Cost of Goods Manufactured + Display Settings + 90% Type here to search P N X W 3:21 PM 8/24/2020AutoSave (O Off) ACT500CTWorksheetMod03Option01 (2) - Excel O Search Warren W X File Home Insert Page Layout Formulas Data Review View Help Share Comments X Insert * Calibri 11 - AA = ap Wrap Text General Delete * AY O Paste BIU Merge & Center * $ ~ % " .09 Conditional Format as Cell Sort & Find & Ideas Formatting * Table Styles Format Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas A4 X A B C D E F G H K L M N O P Q R S T + W N - Webster Company Schedule of Cost of Goods Manufactured For the Month Ending January, 31, 2020 5 Direct Materials LD CO 10 Raw materials transferred to production 11 Direct Labor 12 Factory Overhead 13 14 15 16 17 18 Total manufacturing costs 19 20 21 Less: Ending work in process, Jan 31 22 Cost of goods manufactured 23 24 25 Data Cost of Goods Manufactured + Display Settings I + 80% Type here to search O N X W 3:16 PM 8/24/2020AutoSave (O Off) ACT500_CT_Worksheet_Mod03_Option01.xIsx - Excel Search Warren W X File Home Insert Page Layout Formulas Data Review View Help Share Comments X Calibri 11 - AA = ag Wrap Text Custom Insert * Delete * AY O Paste BIU ~ Merge & Center * $ ~ % " .09 Conditional Format as Cell Format Sort & Find & Ideas Formatting * Table Styles Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas B22 X A B C D E F G H K L M N O P R Below is manufacturing data from Webster Company for January, 2020. UN Beginning raw materials inventory 321,300 Raw materials purchased 845,150 6 Ending raw materials inventory 275,475 7 Direct labor costs 104,590 8 Indirect materials 47,560 Indirect labor 29,876 Factory utilities and maintenance 148,890 11 Factory depreciation 19,876 12 Other factory related overhead 7,890 13 Beginning work in process 225,678 14 Ending work in process 214,545 15 16 1. Use this information to produce a Schedule of Cost of Goods Manufactured in the next tab 17 18 2. Cost of Goods Sold for January was $1,460,000. What was the change in Finished Goods Inventory during the month (indicate positive or negative change)? 19 Cost of Goods Manufactured = $1,260,790. Cost of Goods Manufactured - Cost of Goods Sold $1,260,790 - $1,460,000 = -$199,210 22 there was a negative change for the month of January. 23 24 25 Data Cost of Goods Manufactured + Display Settings I + 80% Type here to search N X W 3:23 PM 8/24/2020AutoSave (O Off) ACT500_CT_Worksheet_Mod03_Option01.xIsx - Excel Search Warren W X File Home Insert Page Layout Formulas Data Review View Help Share Comments X Calibri 11 - AA ab Wrap Text Currency Insert * Delete * AY O Paste BIU = Merge & Center * $ ~ % " Conditional Format as Cell Sort & Find & Ideas Formatting * Table Styles Format Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas C11 X fic 104590 A B C D E F G H K M N O P Q R S A W N - Webster Company Schedule of Cost of Goods Manufactured For the Month Ending January, 31, 2020 Direct Materials 6 Beginning Raw Material Inventory $321,300 7 Add- Purscahes of Raw Material $845,150 8 Total Raw Materials Avaliable $1,166,450 9 Less: Ending Raw Materials Avaliable (negative) (5275,475 10 Raw materials transferred to production $890.975 11 Direct Labor $104,590 12 Factory Overhead 13 Indirect Materials $47,560 14 Indirect Labor $29,876 15 Factory Utilities and Maintenance $148,890 16 Factory Depreciation $19,876 17 Other Factory Related Overhead $7,890 $245,092 18 Total manufacturing costs $1,249,657 19 Plus Beginning Work in Process Inventory $225,678 20 $1,475,335 21 Less: Ending work in process, Jan 31 (negative) ($214,545 22 Cost of goods manufactured $1,260,790 23 24 25 Data Cost of Goods Manufactured + Display Settings I + 80% Type here to search N X W 3:22 PM 8/24/2020
