Looking for answers on all sections of this Excel assignment
Quinnipiac Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season. The company uses a normal costing system with a single manufacturing overhead cost pool (allocated based on direct labor costs), and operates at capacity (i.e. all overhead is allocated to units produced in the year). Direct Material and Direct Labor is incurred in the factory and is directly traced to the two product lines (Padfolios \& Business Cards). Overhead costs (like plant supervision, maintenance and utilities) are incurred in the factory but cannot be directly traced to the two product lines. Budgeted information for the year ended December 31, 2017 is as follows: Actual information for the year ended December 31, 2017 is as follows: Answer cells must remain in the same location so do not insert/delete columns or rows in the tile. Numeric answers must include a formula or reference so 1 Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products. 3 Assuming Normal Costing, complete these tables describing how the company's inventory accounts changed during the year. For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated above). None of the items in Beginning WIP were completed. Quinnipiac Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season. The company uses a normal costing system with a single manufacturing overhead cost pool (allocated based on direct labor costs), and operates at capacity (i.e. all overhead is allocated to units produced in the year). Direct Material and Direct Labor is incurred in the factory and is directly traced to the two product lines (Padfolios \& Business Cards). Overhead costs (like plant supervision, maintenance and utilities) are incurred in the factory but cannot be directly traced to the two product lines. Budgeted information for the year ended December 31, 2017 is as follows: Actual information for the year ended December 31, 2017 is as follows: Answer cells must remain in the same location so do not insert/delete columns or rows in the tile. Numeric answers must include a formula or reference so 1 Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products. 3 Assuming Normal Costing, complete these tables describing how the company's inventory accounts changed during the year. For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated above). None of the items in Beginning WIP were completed
