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I need this answered on an excel document if possible. Please try to show work. A Manufacturing Organization's Balance Sheet P1 The information that follows
I need this answered on an excel document if possible.
Please try to show work.
A Manufacturing Organization's Balance Sheet P1 The information that follows is from Manufacturing Company's trial balance. Compare how service, retail, and manufacturing organizations report costs on their financial statements and how they account for inventories. REQUIRED 1. 2. Manufacturing organizations use asset accounts that are not needed by retail organizations. 1. List the titles of the asset accounts that are specifically related to manufacturing organizations. 2. List the titles of the asset, liability, and equity accounts that you would see on the balance sheets of both manufacturing and retail organizations. Assuming that the following information reflects the results of operations for the year, calculate the 1. gross margin, 2. cost of goods sold, 3. cost of goods available for sale, and 4. cost of goods manufactured: P2 Statement of Cost of Goods Manufactured LO 4 Jackplum Vineyards, whose fiscal year begins on November 1, has just completed a record-breaking year producing and selling wine. Its inventory account balances on October 31 of this year were Materials Inventory, $83,800 ; Work in Process Inventory, $2,700,500; and Finished Goods Inventory,$1,800,200 . At the beginning of the year, the inventory account balances were Materials Inventory,$56,200 ; Work in Process Inventory,$3,300,000 ; and Finished Goods Inventory,$1,596,400 . During the fiscal year, the company's purchases of direct materials totaled$750,000 . Direct labor hours totaled140,000 , and the average labor rate was$11.00 per hour . The following overhead costs were incurred during the year: depreciationplant and equipment,$85,600 ; indirect labor, ; $207,300property taxplant and equipment, $96,000 ; plant maintenance, $80,000; small tools, $42,400; utilities,$96,500 ; and employee benefits, .$176,100 REQUIRED 1. Prepare a statement of cost of goods manufactured for the year ended October 31. P3 Computation of Unit Cost LO 5 Keep Cool Industries, Inc., manufactures fans for personal use. Department 70 is responsible for assembling the fan. Department 71 packages them for shipment. Keep Cool recently produced 10,000fans for a national retailer. In fulfilling this order, the departments incurred the following costs: 1. Compute the unit cost for each department. 2. Compute the total unit cost for the national retailer order. 3. ACCOUNTING CONNECTION The selling price for this order was . Was the selling price adequate? List the assumptions and/or computations upon which you based your answer. What suggestions would you make to Keep Cool's management about the pricing of future orders? 4. Compute the prime costs and conversion costs per unit for each department
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