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Needing help filing out these two work sheets for Accounting. Chapter 3 15e Note: Use your text and provided resou See Problem details beginning page

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Needing help filing out these two work sheets for Accounting.

image text in transcribed Chapter 3 15e Note: Use your text and provided resou See Problem details beginning page 1 Instructions: Complete worksheet, do not respond to questions unless instructed to do so. Everythin directly to Problems and Exercises at the end of the chapter in the assigned text. Chapter 3: Applying Excel p. 113 Provided Data Data Allocation base Estimated manufacturing overhead cost (Y) Estimated total amount of the allocation base (X) Actual manufacturing overhead cost Actual total amount of the allocation base Machine-hours $300,000 75,000 machine-hours $290,000 68,000 machine-hours Enter a formula into each of the shaded cells below Computation of the predetermined overhead rate Estimated manufacturing overhead cost from Provided Data $300,000 Estimated total amount of the allocation base from Provided Data 75,000 machine-hours Predetermined overhead rate (from above E23) (worksheet calculation) per machine-hour (Y) Estimated total manufacturing overhead (cost) / (X) estimated direct machine hours Computation of underapplied or overapplied manufacturing overhead Actual manufacturing overhead cost from Provided Data $ 290,000 Manufacturing overhead cost applied to Work in Process during the year: Predetermined overhead rate (from above E23) $0.00 per machine-hour Actual total amount of the allocation base from Provided Data 68,000 machine-hours Manufacturing overhead applied (worksheet calculation) Incorrect Underapplied (overapplied) manufacturing overhead (worksheet calculation) Incorrect 1. No action required, but try it. 2. Provided Data Data Allocation base Estimated manufacturing overhead cost Estimated total amount of the allocation base Actual manufacturing overhead cost Actual total amount of the allocation base Machine-hours $100,000 50,000 machine-hours $90,000 40,000 machine-hours Enter a formula into each of the shaded cells below Computation of the predetermined overhead rate Estimated manufacturing overhead cost Estimated total amount of the allocation base Predetermined overhead rate Computation of underapplied or overapplied manufacturing overhead Actual manufacturing overhead cost $ $100,000 50,000 machine-hours per machine-hour 90,000 Manufacturing overhead cost applied to Work in Process during the year: Predetermined overhead rate Actual total amount of the allocation base Manufacturing overhead applied Underapplied (overapplied) manufacturing overhead $0.00 per machine-hour 40,000 machine-hours Incorrect Incorrect 3. No action required, but try it. 4. Provided Data Estimated manufacturing overhead cost Estimated total amount of the allocation base Actual manufacturing overhead cost Actual total amount of the allocation base $100,000 50,000 machine-hours $100,000 40,000 machine-hours Enter a formula into each of the shaded cells below Computation of the predetermined overhead rate Estimated manufacturing overhead cost Estimated total amount of the allocation base Predetermined overhead rate $100,000 50,000 machine-hours per machine-hour Computation of underapplied or overapplied manufacturing overhead Actual manufacturing overhead cost $ Manufacturing overhead cost applied to Work in Process during the year: Predetermined overhead rate Actual total amount of the allocation base Manufacturing overhead applied Underapplied (overapplied) manufacturing overhead 100,000 $0.00 per machine-hour 40,000 machine-hours Incorrect Incorrect The Foundational 15, p. 114 Enter a formula into each of the shaded cells below Provided Data Estimated fixed manufacturing overhead Estimated variable manufacturing overhead per Direct Labor Hour Esitmated total Direct Labor Hours to be worked Total actual manufacturing overhead costs incurred Direct materials Direct labor costs Actual Direct Labor Hours worked $ $ $ $ $ 10,000 1.00 2,000 12,500 Job P 13,000 $ 21,000 $ 1,400 Job Q 8,000 7,500 500 1. The estimated total manufacturing overhead cost is computed as follows: Formula: Y = a + bX, where Y = (a) Estimated fixed manufacturing overhead + (b) (Estimated variable manufacturing overhead per DLH)(X Esitmated total DLH to be worked) Estimated fixed manufacturing overhead from Provided Data Estimated variable manufacturing overhead: from Provided Data Estimated total manufacturing overhead cost (worksheet calculation) The predetermined overhead rate is computed as follows: Estimated total manufacturing overhead $ $ 10,000 2,000 Incorrect $ - Estimated total direct labor hours (DLHs) from Provided Data POHR - Predetermined overhead rate 2. Actual direct labor hours worked from Provided Data Predetermined overhead rate per DLH (calculated above) $ Manufacturing overhead applied (worksheet calculation) $ Job P 1,400 $ Incorrect 3. Direct labor cost from Provided Data Actual direct labor hours worked from Provided Data Direct labor hourly wage rate (worksheet calculation) $ Job P 21,000 1,400 Unit product cost for Job P: Total manufacturing cost (calculated above) Number of units in the job (see text) Unit product cost Total manufacturing cost assigned to Job Q: Direct materials Direct labor Manufacturing overhead applied (from above) Total manufacturing cost Job Q 500 Incorrect $ Incorrect 4. Total manufacturing cost assigned to Job P: Direct materials $ Direct labor $ Manufacturing overhead applied (worksheet calculation) Total manufacturing cost (worksheet calculation) 2,000 DLHs - per DLH Job Q 7,500 500 Incorrect 13,000 21,000 Incorrect Incorrect $ Incorrect $ $ $ $ 8,000 7,500 15,500 Incorrect 5. No action required 6. No action required 7. No action required 8. The Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials from Provided Data and text data Total raw materials available () Deduct: Raw materials inventory, ending (see text) Raw materials used in production from Provided Data Direct labor from Provided Data Manufacturing overhead applied to work in process inventory Total manufacturing costs Add: Beginning work in process inventory Deduct: Ending work in process inventory Cost of goods manufactured 9. No action required 10. No action required Incorrect Incorrect Incorrect Incorrect Incorrect $ 11,400 Incorrect $ $ $ $ 15,500 (15,500) Incorrect 11. The Schedule of Cost of Goods Sold Finished goods inventory, beginning Add: Cost of goods manufactured Cost of goods available for sale Deduct: Finished goods inventory, ending Unadjusted cost of goods sold Incorrect Incorrect 12. No action required 13. The amount of underapplied overhead Actual direct labor-hours from Provided Data Predetermined overhead rate (previous POHR) Manufacturing overhead applied Actual manufacturing overhead from Provided Data Deduct: Manufacturing overhead applied Underapplied overhead Incorrect Incorrect Incorrect $ Incorrect 14. No action required 15. The income statement is as follows: Sales from text Cost of goods sold see previous calculations Gross margin Selling and administrative expenses from text Net operating income (worksheet calculation) Incorrect Incorrect Incorrect Exercise 3-1, p. 115 The estimated total manufacturing overhead cost is computed as follows: Y = Fixed Mfg. Costs + ($x.xx per DLH)( DLHs) (see text data) Estimated fixed manufacturing overhead $ 94,000 Estimated variable manufacturing overhead ($2) Incorrect Estimated total manufacturing overhead cost Incorrect The predetermined overhead rate is computed as follows: Estimated total manufacturing overhead $ Estimated total direct labor hours (DLHs) Predetermined overhead rate DLHs per DLH Incorrect Exercise 3-6, p. 116 ATTENTION: Be sure to see the data in the text. 1. Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production Less indirect materials included in manufacturing overhead Direct labor (see text data) Manufacturing overhead applied to work in process inventory $ - Total manufacturing costs Add: Beginning work in process inventory Deduct: Ending work in process inventory Cost of goods manufactured 2. Cost of Goods Sold Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ Incorrect Incorrect Incorrect Exercise 3-12, p. 118 1. Actual manufacturing overhead costs Manufacturing overhead cost applied Overapplied overhead cost $ 473,000 Incorrect 2. Direct materials: Raw materials inventory, beginning Add purchases of raw materials Raw materials available for use Deduct raw materials inventory, ending Raw materials used in production Less indirect materials Direct labor Manufacturing overhead cost applied to work in process Total manufacturing costs Add: Work in process, beginning Incorrect Deduct: Work in process, ending Cost of goods manufactured Incorrect Problem 3-25, p. 125 1.a. Estimated total manufacturing overhead costs (see text) Estimated total amount of the overhead base (Direct material costs) Predetermined overhead rate Incorrect Incorrect Incorrect 1.b. Before the underapplied or overapplied overhead can be computed, we must determine the amount of direct materials used in production for the year. Raw materials inventory, beginning (see text) Add, Purchases of raw materials Raw materials available () Deduct: Raw materials inventory, ending Raw materials used in production Actual manufacturing overhead costs: Incorrect Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building Total actual costs Applied manufacturing overhead costs: Underapplied overhead 2. Incorrect Incorrect Incorrect Gitano Products Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add purchases of raw materials Total raw materials available Deduct raw materials inventory, ending Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Work in process, beginning Incorrect Deduct: Work in process, ending Cost of goods manufactured 3. Unadjusted cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale () Deduct: Finished goods inventory, ending Unadjusted cost of goods sold Incorrect Incorrect Incorrect The underapplied overhead can either be closed out to Cost of Goods Sold or allocated between Work in Process, Finished Goods, and Cost of Goods Sold based on the overhead applied during the year in the ending balance in each of these accounts. 4. Direct materials Direct labor Overhead applied Total manufacturing cost () Incorrect Incorrect 5. The amount of overhead cost in Work in Process was: $24,000 direct materials cost 160% = $38,400 The amount of direct labor cost in Work in Process is: Total ending work in process Deduct: Direct materials Manufacturing overhead () Direct labor cost The completed schedule of costs in Work in Process was: Incorrect Incorrect Direct materials Direct labor Manufacturing overhead Work in process inventory () Incorrect Attention: Tests (and/or quizzes) in Managerial Accounting WILL NOT include the CORRECT / INCORRECT indicators. should not be to merely arrive a solution that moves the indictor from INCORRRECT to CORRECT but to know how you solution. The End ext and provided resources! etails beginning page 113 ted to do so. Everything in this worksheet relates xt. machine-hour Incorrect machine-hour Incorrect machine-hour Incorrect machine-hour Incorrect machine-hour machine-hour Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Predetermined= Estimated total manufacturing overhead cost overhead rate Estimated total amount of the allocation base = $800,000 =160% $500,000 direct materials cost / INCORRECT indicators. Therefore, your goal RECT but to know how you arrived at the correct Chapter 4 15e Note: Use your text and provided resource See Problem details beginning page 160 Instructions: Complete worksheet, do not respond to questions unless instructed to do so. Everything in this worksheet at the end of the chapter in the assigned text. Chapter 4: Applying Excel p. 160, 1. only Provided Data Beginning work in process inventory: Units in process Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: Materials cost Conversion cost Units started into production during the period Costs added to production during the period: Materials cost Conversion cost Ending work in process inventory: Units in process Completion with respect to materials Completion with respect to conversion 200 100% 40% $ $ 2,000 800 1,800 $ $ 18,400 38,765 100 100% 30% Enter a formula into each of the shaded below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department Ending work in process inventory: Materials Conversion Equivalent units of production Incorrect Incorrect Incorrect Incorrect Materials 2,000 18,400 Conversion $ 800 $ 38,765 Costs per Equivalent Unit Cost of beginning work in process inventory Costs added during the period Total cost Equivalent units of production Cost per equivalent unit $ $ Incorrect - - Costs of Ending Work in Process Inventory and the Units Transferred Out Ending work in process inventory: Materials Conversion Equivalent units of production Cost per equivalent unit $ $ Cost of ending work in process inventory Incorrect Incorrect Incorrect Total Units completed and transferred out: Units transferred to the next department Cost per equivalent unit Cost of units transferred out $ - $ Incorrect Incorrect Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for Exercise 4-2, p. 162 Weighted-Average Method Units transferred out Work in process, ending: 15,000 units 80% 15,000 units 40% Equivalent units of production Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Equivalent Units Materials Conversion 190,000 190,000 Incorrect Incorrect Incorrect Incorrect Exercise 4-3, p. 163 Weighted-Average Method 1. Cost of beginning work in process inventory Cost added during the period Total cost $ $ Equivalent units of production Cost per equivalent unit 2. Cost per equivalent unit for materials Cost per equivalent unit for labor Cost per equivalent unit for overhead Total cost per equivalent unit $ $ $ Materials 18,000 238,900 $ $ Labor Overhead 5,500 $ 27,500 80,300 $ 401,500 35,000 33,000 33,000 Incorrect - Incorrect Incorrect Incorrect Exercise 4-4, p. 163 Materials Conversion Total Ending work in process inventory: Equivalent units of production Cost per equivalent unit Cost of ending work in process inventory Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Units completed and transferred out: Units transferred to the next department Cost per equivalent unit Cost of units transferred out Exercise 4-5. p. 163 The cost of units completed and transferred out can be deduced as follows: Cost of beginning work in inventory + Costs added to production during the period = Cost of ending work in inventory + Costs of units completed and transferred out Baking Department Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Incorrect Incorrect Incorrect Costs accounted for as follows: Cost of ending work in process inventory Cost of units completed and transferred out Total cost accounted for Incorrect Incorrect Incorrect Problem 4-11, p. 165 Weighted-Average Method 1. Equivalent units of production Pulping Conversion Transferred to next department Ending work in process: Pulping: Conversion: Equivalent units of production Incorrect Incorrect Incorrect Incorrect 2. Cost per equivalent unit Pulping Cost of beginning work in process Cost added during the period Total cost Equivalent units of production Cost per equivalent unit, Conversion - - Incorrect Incorrect 3. Cost of ending work in process inventory and units transferred out Pulping Conversion Ending work in process inventory: Equivalent units of production Cost per equivalent unit $ $ Cost of ending work in process inventory Units completed and transferred out: Units transferred to the next department Cost per equivalent unit $ $ Cost of units completed and transferred out Incorrect Incorrect 4. Cost reconciliation Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Incorrect Costs accounted for as follows: Cost of ending work in process inventory $ - Total Incorrect Incorrect Cost of units completed and transferred out Total cost accounted for $ Incorrect Problem 4A-9, 178 FIFO Method 1. Computation of the total cost per equivalent unit of production: Cost per equivalent unit of production for material Cost per equivalent unit of production for conversion Total cost per equivalent unit of production Incorrect 2. Computation of equivalent units in ending inventory: Materials Units in ending inventory Percentage completed Equivalent units of production Conversion Incorrect Incorrect 3. Computation of equivalent units required to complete the beginning inventory: Materials Units in beginning inventory Percentage needed to complete production of beginning inventory Equivalent units of production Incorrect 4. Units transferred to the next department Incorrect Units from the beginning inventory Incorrect Units started and completed during the period Incorrect 5. Materials Conversion Incorrect Conversion Incorrect Total Ending work in process inventory: Equivalent units of production Cost per equivalent unit Cost of ending work in process inventory Incorrect Units transferred out: Cost from the beginning work in process inventory Cost to complete the units in beginning work in process inventory: Incorrect Equivalent units of production required to complete the units in beginning inventory Cost per equivalent unit Cost to complete the units in beginning inventory Cost of units started and completed this period: Units started and completed this period Cost per equivalent unit Cost of units started and completed this period Total cost of units transferred out $ - $ Incorrect $ - $ - Exercise 4B-3, p. 183 Overhead costs Allocation: Step-Down Method Administration costs1: Service Departments Operating Departm Administration Janitorial Maintenance Binding $ 140,000 $ 105,000 $ 48,000 $ 275,000 Janitorial costs2: Maintenance costs3: Total cost after allocations Incorrect Allocation base: 35 employees + 140 employees + 315 employees + 210 employees = 700 employees 2 Allocation base: 20,000 square feet + 40,000 square feet + 100,000 square feet = 160,000 square feet 3 Allocation base: 30,000 hours + 60,000 hours = 90,000 hours 1 Exercise 4B-4, p. 183 Overhead costs Allocation: Direct Method Service Departments Operating Departm Administration Janitorial Maintenance Binding $ 140,000 $ 105,000 $ 48,000 $ 275,000 Administration costs1: Janitorial costs2: Maintenance costs3: Total overhead costs after allocations Incorrect Allocation base: 315 employees + 210 employees = 525 employees 2 Allocation base: 40,000 square feet + 100,000 square feet = 140,000 square feet 3 Allocation base: 30,000 hours + 60,000 hours = 90,000 hours 1 Attention: Tests (and/or quizzes) in Managerial Accounting WILL NOT include the CORRECT / INCORRECT indicators. Therefore, your goal should not be to merely arrive a solution that moves the indictor from INCORRRECT to CORRECT but to know how you arrived at the correct solution. The End overhad te Estimaedtoalmountfhealoctinbase xt and provided resources! ails beginning page 160 verything in this worksheet relates directly to Problems and Exercises Incorrect Incorrect Incorrect Incorrect $80, = =160% $50, directmaerilscot Incorrect Incorrect Incorrect Incorrect Operating Departments Printing Total $ 430,000 $ 998,000 Incorrect Incorrect Operating Departments Printing Total $ 430,000 $ 998,000 $ Incorrect / INCORRECT indicators. CORRRECT to CORRECT Incorrect

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