I have attached the file with the information on it. It has all of the instructions, etc.

Project 2 Name: TYPE in your name here The project relates to material covered in Chapter 2. Please post generic questions to t e-mail me if you have a specific question and are unsure if it should be posted to the dis Submit your completed project by uploading your solution using this Excel Template to th Make sure you type in your name in cell A2 and save your file with the first initial You will be graded on the accuracy of your answer and the usage of excel. Requirements 2-4 requires the usage of excel cell referencing and developing 2 ch The project solution is worth a total of 10 pts. I will take off 5 pts. if you do not us I have a demonstration exercise that demonstrates the development of the statements, to the Chapter 2 folder. The requirements below are a little bit different than my demon but there are a lot of similarities. We have to realize that real life is not a textbook projec You should use this worksheet as your as your data reference sheet. In the web links a but feel free to ask questions in the office forum on Excel. I do not pre-grade, so if you email me make sure it is a specific question and not a If you are using Excel 2013 or 2016, please make sure your file is compatible with Objectives of Project 2 1. Analyze and classify product and period costs. 2. Develop the Cost of Goods Manufacturing statement for a manufacturing company. 3. Develop comparison charts. 4. Evaluate the costs of the production and operations. Grading Rubric for Project 2 Possible points Requirement #1-.1 each classification and .25 for calculated amounts Requirement #2 COGM--.10 each Each Calculation 1-6(.5 each) Requirement #3 Charts - 1 pt. each Comment on each chart (.15 each) Requirement #4 (#1 worth .1 pt. and #2 and #3 each worth .2 pts.) Total points possible A deduction of 5 pts. if cell references are not used on requirements 2-4 3 1.2 3 2 0.3 0.5 10 Data and requirements for Project 2: This company makes a single product. The following information has been taken from the company's production, sales, and cost records for the month. The ?? Areas will need to be calculated as you move through the requirements for this project. Production in units Sales in units Beginning Finished Goods in Units Ending Finished goods in units Total Sales in dollars Unit selling price 29,000 ?? 0 ?? $700,000 $25 Beginning of the month End of the month Inventories: Raw Materials Work in process Finished goods $13,000 $30,000 $0 ?? Costs: Direct labor Advertising Expense Indirect production labor Raw materials purchased Building rent(production uses 82% of the space, administrative and sales offices uses the rest of the space) Utilities, Factory Royalty paid for use of production patent, $2.35 per unit produced Maintenance, factory Rent for special production equipment, $3,000 per month plus $.20 per unit produced Selling and administrative Salaries Utilities, selling and administrative Part time janitor in the factory $12,000 $28,000 $80,000 $70,000 $6,950 $130,000 $35,000 $32,000 ?? $20,000 ?? $140,000 $20,000 $11,000 There are 4 requirements to this project. Requirement #1: Use the scenario above to fill in the chart below with the applicable information. A cost item can affect multiple areas. You are making your calculations based on this month's production and sales. Total each of the columns after you have assigned all the costs to the applicable column(s) I have entered the Direct labor to help get you started. Also, the selling and admin. Costs have been combined into one column. Product costs Cost item Direct labor Advertising Expense Indirect production labor Raw materials used Direct Materials Direct Labor Manufacturing overhead $80,000 Building rent(production uses 82% of the space, administrative and sales offices uses the rest of the space) Utilities, Factory Royalty paid for use of production patent, $2.35 per unit produced Maintenance, factory Rent for special production equipment, $3,000 per month plus $.20 per unit produced Selling and administrative Salaries Utilities, selling and administrative Part time janitor in the factory Totals Requirement #2: Use the information in requirement #1 and the data given above requirement #1 to com I have set up a separate worksheet for you to develop your COGM statement. Look at t Also calculate the following on the COGM worksheet using cell references: 1. Computation of Cost per unit: COGM/units produced 2. Calculate the number of units that were sold 3. Calculate the number of units in the finished goods inventory at the end of the 4. Calculate the cost in ending finished goods inventory at the end of the month. 5. What is Cost of Goods Sold(COGS)? 6. What is Income before taxes? You should not type any number into a cell on the Schedule of COGM or your calculatio Requirement #3: Prepare 2 doughnut charts. I have a tutorial in the chapter 2 folder to assist you and de One chart should compare the total product costs to the total period costs, and another the three types of product costs. Insert these charts on separate sheets and comment on each of your chart results I have prepared a doughnut chart comparing sales and advertising costs so that you can use the process as a guide to prepare the 2 charts I have asked for. I have found from past experience that some students are not familiar with how to prepare a chart in excel. If you are having problems with the charts, please post questions to the discussion board. A key to your success is setting up the data you want in your chart like I did in the blue area below. Make sure you have the labels in the left column and in the next column the applicable $ amount. Sales Advertising Requirement #4: Comment: $700,000 Based on the comparison in the chart of $70,000 going towards advertising. The company look at opportunities that could show an i Based on the current economic pressures, the company has decided to eliminate the p and have the production workers clean up the area. Answer the following question: 1. What will be the new COGM? 2. What is Cost of Goods Sold(COGS)? 3. What is Income before taxes? If you have used only cell references on your COGM statement you should only have to the COGM statement will change automatically along with the other questions asked for Answer Requirement #4 on the Comments worksheet ase post generic questions to the discussion board office forum or if it should be posted to the discussion board. n using this Excel Template to the project 1 assignment area . your file with the first initial of your first name, last name, and title of project. he usage of excel. erencing and developing 2 charts. ake off 5 pts. if you do not use the excel application appropriately. evelopment of the statements, which you can access by going ttle bit different than my demonstration problem and textbook, real life is not a textbook project. rence sheet. In the web links area of our course I have excel tutorials you may find helpful, a specific question and not asking for me to review your solution. e your file is compatible with Excel 2010 by saving in Excel 2010. Period Cost Prime costs Selling and Conversion Administrative Costs Expenses $80,000 $80,000 Calculated amount Calculated amount Calculated amount Calculated amount n above requirement #1 to complete the Schedule of Cost of Goods Manufactured. ur COGM statement. Look at the sheet tab COGM. Use exhibit 2-7 on page 45 as your model . using cell references: s inventory at the end of the month tory at the end of the month. ule of COGM or your calculations for 1-6. er 2 folder to assist you and developing a chart. otal period costs, and another chart should compare on each of your chart results on the comment worksheet. the comparison in the chart of sales to advertising we can see that a small percentage is ards advertising. The company seems to have this cost under control, but may want to portunities that could show an increase in sales based on increased advertising. has decided to eliminate the part time janitor and the cost of that position wer the following question: ement you should only have to eliminate the figure in requirement #1 and h the other questions asked for on the COGM worksheet. Make sure you change the information back to the original information before submitting. Company, Inc. Schedule of Cost of Goods Manufactured For the Month ended May 31, 2017 Make sure you are using cell references and not typing in the number Direct materials: Beginning Raw materials inventory,May 1 Add: Purchases of Material Materials available for use Deduct: Ending Raw materials, May 31 Raw materials used Direct labor Manufacturing overhead: List out each MOH below Guidance: Click on the cell and you will not see a number, but a cell reference. So I can change the data field and my statement will automatically change. That is why we use excel, so we can automatically change data and all the linked statements will change automatically. Guidance: This number should match with what you have as the material used in Requirement #1. Total Manufacturing overhead Total manufacturing costs Add: beginning work in process Subtotal Less: Ending work in process Cost of Goods Manufactured 1. Computation of Cost per unit: COGM/units produced 2. Calculate the number of units that were sold 3. Calculate the number of units in the finished goods inventory at the end of the month 4. Calculate the cost in ending finished goods inventory at the end of the month. 5. What is Cost of Goods Sold(COGS)? 6. What is Income before taxes? Guidance: Ending finished goods is calculated by adding beginning finished goods+units producedunits sold Comparison of sales to advertising Advertising; 7000000%; 9% Sales Advertising Sales; 70000000%; 91% Requirement #3 comment on both chart results: Requirement #4: Based on the current economic pressures, the company has decided to eliminate the part time and have the production workers clean up the area. Answer the following questions (do not use 1. What will be the new COGM? 2. What is Cost of Goods Sold(COGS)? 3. What is Income before taxes? If you have used only cell references on your COGM statement you should only have to elimina the COGM statement will change automatically along with the other questions asked for on the C Make sure you change the information back to the original information before submitting ecided to eliminate the part time janitor and the cost of that position following questions (do not use cell referencing for this requirement, since you should convert back to the original data): you should only have to eliminate the figure in requirement #1 and her questions asked for on the COGM worksheet. nformation before submitting