Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the answers to be like the example shown below please 4 Overhead is applied on the basis of direct labor hours. 13 14
I need the answers to be like the example shown below please
4 Overhead is applied on the basis of direct labor hours. 13 14 Actual costs for the year: \begin{tabular}{c|l|l|} 15 & & \\ \cline { 3 - 3 } 16 & Purchase of raw (direct) materials & $375,000 \\ \cline { 2 - 3 } 17 & Direct labor cost & $536,300 \\ \cline { 2 - 3 } 18 & Manufacturing overhead & $302,750 \\ \cline { 2 - 3 } 19 & & \end{tabular} \begin{tabular}{|ll|r|r|} \cline { 3 - 4 } 20 & Inventories: & Beginning & \multicolumn{1}{|c|}{ Ending } \\ \cline { 2 - 4 } 21 & Raw Materials (All Direct) & $15,000 & $11,375 \\ \cline { 2 - 4 } 22 & Work in Process & 27,875 & 22,350 \\ \cline { 2 - 4 } 23 & Finished Goods & 34,600 & 26,450 \\ \cline { 2 - 4 } 24 & & & \end{tabular} 25 Use the data to answer the following. Replace every ? with a formula. 37 382 Calculate the cost of goods manufactured and cost of goods sold. 39 Note: Use cell A2 to A23 from the given information to complete this question. 40 Enter all ending inventory amounts as negative numbers. For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign . 2. Reference cells, instead of entering values. Example: =B3+C3 54 3 Prepare an income statement for a manufacturing firm. Note: Use cell A2 to A23 from the given information to complete this question. Enter all ending inventory amounts as negative numbersStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started