Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help figuring out proper calculations driven by a proper cell referenced excel formula. I've attached the problem, the solution and my whats current in

need help figuring out proper calculations driven by a proper cell referenced excel formula. I've attached the problem, the solution and my whats current in my excel cells. not sure which cells need change or addition of forumlas. PLZ HELP IL GIVE THE BIGGEST THUMBS UP:))!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
\begin{tabular}{|l|l|r|r|} \hline S. No. & Particulars & & Amount \$ \\ \hline & 1 & Cost of goods manufactured & 1340000 \\ \hline Add: & beginning inventory of finished goods & 260000 \\ \hline Less: & ending inventory of finished goods & & 400000 \\ \hline \end{tabular} the cost of goods sold 1200000 As per the given data, Estimated Manufacturing Overhead 8,00,000 Estimated Direct Materials 160% Explanation: We calculate the direct materials used in the production. \begin{tabular}{l|l|l|l|} \hline 17 & \multicolumn{3}{|l|}{ Total Manufacturing Overhead Costs } \\ \hline 18 & S. No. & Particulars \\ \hline 19 & A. & Indirect Labor \\ \hline 20 & B. & Property Taxes \\ \hline 21 & C. & Depreciation of equipment \\ \hline 22 & D. & Maintenance & 170000 \\ \hline 23 & E. & Insurance & 18000 \\ \hline 24 & F. & Rent - Building \\ \hline 25 & & Total Manufacturing Overheads \\ \hline 26 & & & 180000 \\ \hline \end{tabular} the cost of goods sold Gitano Products Ending inventory of wip \begin{tabular}{|l|l|} \hline S. No. & Prticulars \\ \hline 1 & direct materials \\ \hline 2 & direct labor \\ \hline 3 & manufacturing overhead applied \\ \hline 4 & ending inventory of wip \\ \hline \end{tabular} Calculate Total Manufacturing Overhead costs calculate the under_applied overhead for the year under_appiled overhead for the year (ab)40,000 The above table is the Gitano products declared schedule of cost of goods manufactured Explanation: The cost of goods manufactured 13,40,00 Prepare the MoH ined in production an difect neatriak. palied ex averacritied overteral? \begin{tabular}{l} Under_applied overhead for the year \\ \begin{tabular}{|l|l|} \hline S. No & Particulars \\ \hline A. & Total manufacturing overheads for the year \\ \hline Less: & \\ \hline B. & Applied Overhead Rate \\ \hline & Under-applied overhead for the year \end{tabular} \\ \hline \end{tabular} The cost of goods sold 12,00,000 Explanation: Under- or over-applied overhead could be allocated among Work-in-Process, Finished Goods or Cost of Goods Sold in proportion to the overhead applied during the current period in the ending balances of these accounts. Under- or over-applied overhead could be closed directly to Cost of Goods Sold Final answer Here the gitano products are and the inventory of work in process

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Inventory

Authors: Steven M. Bragg

3rd Edition

1642210145, 9781642210149

More Books

Students also viewed these Accounting questions

Question

2. Do you agree that unions stifle creativity? Why or why not?

Answered: 1 week ago