I had to complete this excel spreadsheet for a managerial accounting class. I entered everything highlighted in yellow but then the second photo shows everything in green is correct and everything shaded in red is incorrect. Need some help please! thanks :)
Function: SUM: Formula: Subtract, Cell Referencing Using Excel To Prepare a Cost of Goods Manufactured Schedule and a Partial Income Statement 1 2 3 4 PROBLEM LD'GO'H'G" 1:1 The following is available for Aikman Company. January 1, During the 2022 Year 2022 December 31, 2 022 13131315 Raw materials inventory $ 21,000 Work in process inventory 13,500 Finished goods inventory 27,000 Materials purchased 53 150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 a. Compute cost of goods manufactured. b. Prepare an income statement through gross prot. 35 30,000 17,200 21,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or work area as indicated. Use the SUM function with cell references to add amounts as indicated. ' a. Work in process January 1 $ 13,500' Direct materials used ' Raw materials inventory Jan. 1 ' $ 21 ,000' Raw materials purchased ' 150,000V Raw materials available for use 171,000 Less Raw materials inventory Dec. 31 ' 30,000' Direct materials used 35 141,000' Direct labor ' 220,000' Manufacturing overhead ' 180,000' Total manufacturing costs ' 541,000' Total cost of work in process ' 554,500 Less Work in process Dec. 31 ' 17,200' Cost of goods manufactured ' $ 537,300 b. Aikman Company Income Statement (Partial) For the Year Ended December'31, 2022 Sales revenue 3; 910,000' Cost of goods sold ' Finished goods January1 ' $ 27,000' Cost of goods manufactured ' 537,300' Cost of goods available for sale 564,300 Less Finished goods Dec. 31 ' 21 ,000' Cost of goods sold ' 543,300' Gross prot ' $ 366,700 Function: SUM: Formula: Subtract, Cell Referenci 9 Using Excel To Prepare a Cost of Goods Manufactured Schedule and a Partial Income Statement 1 2 3 4 PROBLEM m'm'u'm U1 The following is available for Aikman Company. January 1, 2022 During the Year 2022 December 31, 2022 21,000 13,500 27,000 Raw materials inventory $ Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $ 150,000 220,000 180,000 910,000 a. Compute cost of goods manufactured. b. Prepare an income statement through gross prot. 15 30,000 17,200 21,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or work area as indicated. Use the SUM function with cell references to add amounts as indicated. Work in process January 1 ' 5 13,500' Direct materials ' I Raw materials inventory Jan. 1 ' S 21,000 Raw materials purchased ' 150,000 Raw materials available for use ' 171,000' Less Raw materials inventory Dec. 31 1 30,000 Direct materials used S 141,000' Direct labor ' 220,000 Manufacturing overhead ' 180,000 Total manufacturing costs ' 541,000V Total cost of work in process ' 554,500 Less Work in process Dec. 31 ' 17,200 Cost ofgoods manufactured ' S 537,300 Aikman Company Income Statement (Partial) For the Year Ended December 31, 2022 Sales revenue ' 5 910,000V Cost ofgoods sold ' Finished goods January 1 ' S 27,000 Cost of goods manufactured ' 537,300 Cost of goods available for sale ' 564,300 Less Finished goods Dec. 31 1 21,000 Cost of goods sold 543,300' Gross prot ' 3 366,700
