Hello
I need help with figuring out what exactly goes in the Manufacturing overhead part.
The 8 things that goes in the "Title" area.
I figured out 7 out of 8. I am not sure what's the last thing that goes there.
so far I have... I just need to know if I am correct in picking all 8 things please
I need to know if I am doing this correctly so far.
Managerial Accounting - Spring 2019 - Lab 2 , chapter 3 Excel Computer Problem* The following data refer to Miller Widget Company for the year 20 x1 . Work - in - process inventory , 12/31 / x0 .... $ 10, 100 Work - in - process inventory , 12/31 / x ] ...... 10,000 Finished - goods inventory , 12/31 / x0 ...... Raw - material inventory , 12/31 / 40 ..... 10, 1010 Raw - material inventory , 12/31 /'x ] . ................ .. " 1 1, 000 Finished - goods inventory , 12 / 31 / x1 .... 15, 400 Purchases of raw material in 20 x1 . 35, 000 Indirect material used ..... Indirect- labor cost incurred .. 24, 000 Direct- labor cost incurred .... 19, 000 Selling and administrative Salaries ......... 13, BOO Insurance on factory and Equipment ............ ... . . . . . 3. 600 Depreciation on factory Equipment .. 2, 100 Property taxes on factory ..` 3, 400 Utilities for factory ..... 5,000 " " " Utilities for sales and administrative offices ..... 2.5010 Other selling and administrative expenses .... 4,000 Depreciation on factory building ...... 3, 800 Depreciation on cars used by sales personnel .......... 2, 200 Rental For warehouse space to store raw material ......... 3, 100 Rental of space for company president's office . ... .... .... 1 , 500 Applied manufacturing overhead .. 58, 000 Sales revenue .` 205, 800 Income tax expense . 5, 100 Hequired : 1 . Prepare the Company's schedule of cost of goods manufactured for 20x1 . Note : Input applied overhead before calculating over or under - applied overhead . 2. Prepare the company's schedule of cost of goods sold for 20x1 . The company closes overapplied or underapplied overhead into Cost of Goods Sold . 3. Prepare the company's income statement for 20*'1spring 2019 L File Home Insert Page Layout Formulas Data Review View Add-ins Team 6 Cut Copy Arial - 10 - A A Wrap Text Nur Paste Format Painter BIU - - 4 &- A- Merge & Center Clipboard Font Alignment A E28 X A B F G Accounting 2302 2 Lab Number 2, Cost of Goods Manufactured and Sold (WITH manufacturing overhead) Student Name: PART 1 - Calculate Schedule of Cost of goods manufactured (refer to pages 66 and 67 in the book) MILLER WIDGET COMPANY SCHEDULE OF COST OF GOODS MANUFACTURED 9 FOR THE YEAR ENDED DECEMBER 31, 20x1 10 11 P. 66 Calculation of Direct Materials Used 12 Direct material 13 Raw-material inventory, 12/31/x0 $10, 100 14 Add: Purchases of raw material 39,000 15 Raw material available for use 49, 100 16 Deduct: Raw-material inventory, 12/31/x1 11,000 Raw material used 38, 100 18 Direct labor 79.000 19 1 Manufacturing overhead: Indirect Material Used 4,900 Indirect -labor cost incurred 29,000 Insurance on factory and equipment 3,600 Depreciation on factory equipment 2,100 Property taxes on factory 3,400 Utilities for factory 6,000 Depreciation on factory building 3,800 Applied Manufacturing Overhead 58,000 29 Total actual manufacturing overhead FORMULA Add: Overapplied overhead" FORMULA 30 Overhead applied to work in process AMOUNT 31 Total manufacturing costs FORMULA 32 Add: Work-in-process inventory, 12/31/x0 10, 100 33 Subtotal FORMULA 4 TITLE AMOUNT + Sheet1 Sheet2 Sheet3 Ready he Gee09 O XI WI
