Hey there. My question pertaining to this document is, how are the Direct Materials and Direct Labor values getting from there original table values to the values that go into the total cost. For example, Job number 1005 has Direct Materials of $650 in the original table, and then shows up in the total cost as $560. So I need to know how to get to that number.

Thanks!

Instructions for the Microsoft Excel Templates Detail and information on Excel is contained within the manual. Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of several help menus. Type your name into the cell "D2". Type the date into cell "I2". Type the instructor's name into cell "D3". Type the course identifier into cell "I3". The problem is identified for you in cell "B7". In cell I2 enter the date in any of several formats and Excel will format it correctly. These can include 01/01/12, 01/01/2012, and Jan 01, 2012. If more than one page is preformatted into the problem, page breaks are preset and formulas are set to copy the header into the remaining pages. Place the proper account title in the cell where the words "Account Title" appear on the template. In cells containing "AMOUNT" you can enter a value such as 92.21 or 1002.82. Do not enter values with commas such as 59,879.45. Excel does not like the comma. In most exercises and problems, the text is structured in a manner to put the amounts in cells so that "look-to (=A1) type formulas can be used. A formula may be placed in many of the cells containing "AMOUNT." In cells that contain "NUMBER", the value indicates that something like number of parts, number of gallons, or number of units sold should be entered. Write a formula into cells where the word "FORMULA" appears. In these cells, an amount calculated outside of Excel can be entered into Excel if desired. Place the explanation for the entry in the cell where "EXPLANATION" or "TEXT ANSWER HERE." appears on the template. Insert the account number where "ACCT #" appears on the template during posting. Insert the journal reference where "JOURN #" appears on the template during posting. Insert the title in the cell where "TITLE" appears on the template. The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required. 850191e8d67649a2db4148deb0db68e843ef0690.xls, General Instructions, Page 1 of 15, 09/19/2017, 16:06:14 The gray filled cells define the perimeter of the problem and the print area. The problem is formatted for whole dollars with comma separations (no cents) except where required. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. Negative values may be shown as ($400) vice -$400. 850191e8d67649a2db4148deb0db68e843ef0690.xls, General Instructions, Page 2 of 15, 09/19/2017, 16:06:14 n the template. 850191e8d67649a2db4148deb0db68e843ef0690.xls, General Instructions, Page 3 of 15, 09/19/2017, 16:06:14 850191e8d67649a2db4148deb0db68e843ef0690.xls, General Instructions, Page 4 of 15, 09/19/2017, 16:06:14 Name: Kelsey Ringenberg Date: 07/03/14 Instructor: Donald Taylor Course: ACG 2071 Managerial Accounting, 5th Edition by James Jiambalvo Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates Exercise E2-6 Recording Material Cost in Job-Order Costing $200,000 of During the month of August, Star Plastics had material requisitions for $10,000 materials related to specific jobs and of miscellaneous materials classified as overhead. Required Prepare journal entries to record the issuance of materials during August. August Work in Process Inventory Raw Materials Inventory August Manufacturing Overhead Accounts Payable 200,000 200,000 10,000 10,000 850191e8d67649a2db4148deb0db68e843ef0690.xls, Exercise E2-6, Page 5 of 15, 09/19/2017, 16:06:14 Name: Kelsey Ringenberg Date: 07/03/14 Instructor: Donald Taylor Course: ACG 2071 th Managerial Accounting, 5 Edition by James Jiambalvo Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates Exercise E2-7 Recording Material Cost in Job-Order Costing Five material requisitions (MR) forms were received by the materials storeroom of the Saint Louis $250 Foundry during the first week of 2014. MR101 was for of direct materials for $350 job number 1501. MR102 was for of direct materials for job number 1502. $100 MR103 was for of indirect materials issued to the factory floor. MR 104 was for $400 $500 of direct materials issued to job number 1501. MR105 was for of direct materials issued to job number 1503. Required Prepare summary journal entries to record the issuance of these materials. (Hint: There should be a separate journal entry for direct and indirect materials.) Jan 2014 Work in Process Inventory Raw Materials Inventory 1,500 Jan 2014 Manufacturing Overhead Raw Materials Inventory 100 1,500 100 Name: Kelsey Ringenberg Date: 07/03/14 Instructor: Donald Taylor Course: ACG 2071 th Managerial Accounting, 5 Edition by James Jiambalvo Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates Exercise E2-9 Recording Labor Cost in Job-Order Costing Johnson Products had the following labor time tickets for the month of February: Employee # Pay Rate Hours Worked Ticket # 2101 2102 2103 2104 2105 011 $10.00 110 201 008 $21.00 90 201 011 $12.00 40 201 008 $20.00 50 202 008 $18.00 70 203 Required: a. Calculate the amount of direct labor cost assigned to each job. Job No. 201 110 90 40 Total: Job # hours * hours * hours * $10.00 $21.00 $12.00 per hour per hour per hour = = = $1,100 $1,890 $480 $3,470 50 hours * $20.00 per hour = $1,000 70 hours * $18.00 per hour = $1,260 Job No. 202 Job No. 203 b. 1. Summarize the labor time tickets. Labor Report for the month of February (by job): Time Ticket: Hours Rate Cost 2101 110 $10.00 $1,100 2102 90 $21.00 1,890 2103 40 $12.00 480 240 $3,470 202 2104 50 $20.00 $1,000 203 2105 70 $18.00 $1,260 Total labor charges $5,730 Job 201 201 201 b. 2. Prepare a journal entry to record direct labor for the month. Work in Process Inventory Wages Payable 5,730 5,730 Name: Kelsey Ringenberg Instructor: Donald Taylor Managerial Accounting, 5th Edition by James Jiambalvo Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates Date: Course: Problem P2-1 Cost of Goods Manufactured, Cost of Goods Sold, and Income The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2014: Beginning balance in Work In Process Ending balance in Work In Process Beginning balance in Finished Goods Ending balance in Finished Goods Direct material cost Direct labor cost Manufacturing overhead Selling expense General and administrative expenses Sales Required: Part a. Prepare a schedule of costs of goods manufactured. Satterfield's Custom Glass Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Beginning Work in Process Add current manufacturing costs: Direct Material $2,000,000 Direct Labor 2,400,000 Manufacturing Overhead 1,700,000 Total Less ending balanace in work in process inventory Cost of goods manufactured Part b. Prepare an income statement for fiscal 2014. Ignore income taxes. Satterfield's Custom Glass Income Statement For the Year Ended December 31, 2014 Sales Less cost of goods sold: Beginning finished goods inventory $500,000 Cost of goods manufactured 5,800,000 Cost of goods avaliable for sale 6,300,000 Less ending finished goods inventory 400,000 Gross Profit Less nonmanufacturing expenses: Selling Expenses 300,000 General and Administrative Expenses 500,000 Net Income $8,000,000 Date: 07/03/14 Course: ACG 2071 el me l year ending December 31, 2014: $210,000 300,000 500,000 400,000 2,500,000 3,000,000 1,700,000 300,000 500,000 8,000,000 ass nufactured 31, 2014 $200,000 6,100,000 6,300,000 300,000 $5,800,000 ass 31, 2014 $8,000,000 5,900,000 $2,100,000 800,000 $1,300,000 Name: Kelsey Ringenberg Instructor: Donald Taylor Managerial Accounting, 5th Edition by James Jiambalvo Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates Date: Course: Problem P2-3 Job-Order Costing: Inventory Accounts and Cost of Goods Sold Smith Die Company manufactures cutting dies for the shoe industry. Each set of dies is custom designed to a customer's templates. During the first week of May, six orders were received from customers. They were assigned job numbers 1005-1 The following transactions occurred during the first week of May. $5,500 Smith Die purchased steel on account from Eastern City Steel $2,400 The company received and paid for supplies (indirect materials) from Mallard Supply cos Material requisitions indicated that materials were issued to the factory floor as follows: Job Number: Direct Materials: Indirect Materials: 1005 $650 1006 850 1007 1,550 1008 650 1009 450 1010 350 Totals $4,500 $1,000 The labor time ticket summary reflected the following costs for the week: Job Number: Direct Labor: Indirect Labor: 1005 $1,600 1006 2,000 1007 3,300 1008 1,400 1009 900 1010 700 Totals $9,900 $6,500 Overhead was applied to all jobs in 180% of direct labor cost. Jobs 1005, 1006, 1007, and process at 1008 were completed and transferred to finished goods. Jobs 1009 and 1010 were still in process at the end of the week. Jobs 1005, 1006, 1007 and 1008 were shipped to customers and b Required: Part a. Calculate the total cost of each job. Cost of Jobs: 1005 1006 Material $560 $730 Labor 1,420 1,840 Overhead 2,556 3,312 Total $4,536 $5,882 1007 $1,480 3,220 5,796 $10,496 150% of total job cost. 1008 1009 $540 1,200 2,160 $3,900 $370 720 1,296 $2,386 Part b. Prepare journal entries to record the above information. Work in Process Inventory Materials Payable To record Purchase of Steel 5,500 5,500 Work in Process Inventory Materials Payable To record Purchase of Supplies 2,400 Work in Process Manufacturing Overhead Raw Material Inventory To record materials used in production 3,965 799 Work in Process Manufacturing Overhead Wages Payable To record labor 8,960 6,400 2,400 4,764 15,360 Work in Process Manufacturing Overhead To record overhead applied to production 16,128 Finished Goods Work in Process To record jobs completed 24,814 Accounts Receivable Cost of Goods Sold Sales Finished Goods To record the sale of finished goods 37,221 24,814 16,128 24,814 37,221 24,814 07/03/14 ACG 2071 designed to a customer's ssigned job numbers 1005-1010. 5, 1006, 1007, and ss at the end of the week. al job cost. 1010 $285 560 1,008 $1,853