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Ozuna Company uses a job-order costing system with a plantwide predetermined overhead rate based on direct laborhours. For job costing purposes, it uses an average

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Ozuna Company uses a job-order costing system with a plantwide predetermined overhead rate based on direct laborhours. For job costing purposes, it uses an average direct labor wage rate of $20 per hour. The company has been struggling financially; accordingly, it has asked you to conduct a job profitability study beginning with a thorough critique of its existing cost system. To keep the scope of your project manageable, you have chosen a subset of 12 jobs from the many jobs completed by the company during the year. Your goal is to complete the table shown below and comment on the insights that it provides: Click here to download the Excel template. which you will use to answer the questions that follow. Click here for a brief tutorial on PivotTables in Excel. Click here for a brief tutorial on VLOOKUP in Excel, Required: 1. Go to the tab titled "Direct Materials Requisitions.": a. Using PivotTable, calculate the total direct materials cost for each of the 12 jobs. b. What is the total direct materials cost for Jobs 5 and 11 ? 2. Go to the tab titled "Direct Labor Summary.": a. Using PivotTable, calculate the total direct labor cost and total direct labor-hours for each of the 12 jobs. b. What is the total direct labor cost for Jobs 3 and 10 ? c. What are the total direct labor-hours for Jobs 3 and 10 ? Complete this question by entering your answers in the tabs below. What is the total direct labor cost for Jobs 3 and 10 ? 2. Go to the tab titled "Direct Labor Summary.": a. Using PivotTable, calculate the total direct labor cost and total direct labor-hours for each of the 12jobs, b. What is the total direct labor cost for Jobs 3 and 10 ? c. What are the total direct labor-hours for Jobs 3 and 10 ? Complete this question by entering your answers in the tabs below. What are the total direct labor-hours for Jobs 3 and 10 ? Required: 3. Go to the tab titled "Estimated MOH": a. For each of the seven variable manufacturing overhead expenses (highlighted in yellow). create a formula that calculates the estimated amount of the expense for this year. (Hint: Use last year's actual amount of each expense and the actual total labor hours [cell B39 ] as the basis for this year's estimates.) 3b, and 3c, What is the estimated indirect materials cost in the Molding Department (cell E17) and the estimated utilities cost in the Fabrication Department (cell E21)? Required: 4. Within the "Estimated MOH tab, a. Create a formula in cell E40 that calculates a plantwide predetermined overhead rate this year. b. What is the plantwide predetermined overhead rate for this year? Required: 5. Go to the tab titied "Job Profitability," a. Using formulas that refer to your answers from requirements 14, calculate the direct materials, direct labor, and applied overhead cost for each of the 12 jobs. (Hint: Use VLOOKUP to reference values from the pivot tables you created in requirements 1 and 2 .) b. What is the amount of applied overhead for Jobs 4 and 9 ? Required: 6. Within the "Job Profitability": a. create formulas that compute the total job cost and gross margin for each of the 12 jobs. b. What is the total cost of Jobs, 3 and 12 ? c. What is the gross margin Jobs 1 and 8 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the total cost of Jobs 3 and 12? Required: 6. Within the "Job Profitability"; a. create formulas that compute the total job cost and gross margin for each of the 12 jobs. b. What is the total cost of Jobs, 3 and 12 ? c. What is the gross margin Jobs 1 and 8 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the gross margin Jobs 1 and 8 ? Required: 7. Go to the tab titled "Waterfall Chart" and answer the following questions. a. According to the chart, which jobs have the highest and lowest gross margins? b. According to the chart, which of the following statements are true (you may select more than one answer). (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The eight most profitable jobs produced a gross margin slightly above $4,000 A total of four jobs decreased the company's overall gross margin. Jobs 8 and 2 both decreased the total gross margin. The company's total gross margin for the 12 jobs included in the chart is less than $2.500 Required: 8. Go to the tab titled "Combo Chart" and answer the following questions. a. According to the chart, which jobs have the lowest and highest labor intensity percentages? b. According to the chart, which of the following statements are true regarding the company's existing cost system (you may select more than one correct answer)? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The 12 jobs depicted in the combo chart suggest that gross margin and labor intensity percentage tend to have an inverse relationship. The 12 jobs depicted in the combo chart suggest that gross margin and labor intensity percentage tend to move in tandem because they are correlated with one another The existing cost system is most likely undercosting tabor intenslve products The existing cost system is most likely overcosting labor intensive products Ozuna Company uses a job-order costing system with a plantwide predetermined overhead rate based on direct laborhours. For job costing purposes, it uses an average direct labor wage rate of $20 per hour. The company has been struggling financially; accordingly, it has asked you to conduct a job profitability study beginning with a thorough critique of its existing cost system. To keep the scope of your project manageable, you have chosen a subset of 12 jobs from the many jobs completed by the company during the year. Your goal is to complete the table shown below and comment on the insights that it provides: Click here to download the Excel template. which you will use to answer the questions that follow. Click here for a brief tutorial on PivotTables in Excel. Click here for a brief tutorial on VLOOKUP in Excel, Required: 1. Go to the tab titled "Direct Materials Requisitions.": a. Using PivotTable, calculate the total direct materials cost for each of the 12 jobs. b. What is the total direct materials cost for Jobs 5 and 11 ? 2. Go to the tab titled "Direct Labor Summary.": a. Using PivotTable, calculate the total direct labor cost and total direct labor-hours for each of the 12 jobs. b. What is the total direct labor cost for Jobs 3 and 10 ? c. What are the total direct labor-hours for Jobs 3 and 10 ? Complete this question by entering your answers in the tabs below. What is the total direct labor cost for Jobs 3 and 10 ? 2. Go to the tab titled "Direct Labor Summary.": a. Using PivotTable, calculate the total direct labor cost and total direct labor-hours for each of the 12jobs, b. What is the total direct labor cost for Jobs 3 and 10 ? c. What are the total direct labor-hours for Jobs 3 and 10 ? Complete this question by entering your answers in the tabs below. What are the total direct labor-hours for Jobs 3 and 10 ? Required: 3. Go to the tab titled "Estimated MOH": a. For each of the seven variable manufacturing overhead expenses (highlighted in yellow). create a formula that calculates the estimated amount of the expense for this year. (Hint: Use last year's actual amount of each expense and the actual total labor hours [cell B39 ] as the basis for this year's estimates.) 3b, and 3c, What is the estimated indirect materials cost in the Molding Department (cell E17) and the estimated utilities cost in the Fabrication Department (cell E21)? Required: 4. Within the "Estimated MOH tab, a. Create a formula in cell E40 that calculates a plantwide predetermined overhead rate this year. b. What is the plantwide predetermined overhead rate for this year? Required: 5. Go to the tab titied "Job Profitability," a. Using formulas that refer to your answers from requirements 14, calculate the direct materials, direct labor, and applied overhead cost for each of the 12 jobs. (Hint: Use VLOOKUP to reference values from the pivot tables you created in requirements 1 and 2 .) b. What is the amount of applied overhead for Jobs 4 and 9 ? Required: 6. Within the "Job Profitability": a. create formulas that compute the total job cost and gross margin for each of the 12 jobs. b. What is the total cost of Jobs, 3 and 12 ? c. What is the gross margin Jobs 1 and 8 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the total cost of Jobs 3 and 12? Required: 6. Within the "Job Profitability"; a. create formulas that compute the total job cost and gross margin for each of the 12 jobs. b. What is the total cost of Jobs, 3 and 12 ? c. What is the gross margin Jobs 1 and 8 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the gross margin Jobs 1 and 8 ? Required: 7. Go to the tab titled "Waterfall Chart" and answer the following questions. a. According to the chart, which jobs have the highest and lowest gross margins? b. According to the chart, which of the following statements are true (you may select more than one answer). (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The eight most profitable jobs produced a gross margin slightly above $4,000 A total of four jobs decreased the company's overall gross margin. Jobs 8 and 2 both decreased the total gross margin. The company's total gross margin for the 12 jobs included in the chart is less than $2.500 Required: 8. Go to the tab titled "Combo Chart" and answer the following questions. a. According to the chart, which jobs have the lowest and highest labor intensity percentages? b. According to the chart, which of the following statements are true regarding the company's existing cost system (you may select more than one correct answer)? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The 12 jobs depicted in the combo chart suggest that gross margin and labor intensity percentage tend to have an inverse relationship. The 12 jobs depicted in the combo chart suggest that gross margin and labor intensity percentage tend to move in tandem because they are correlated with one another The existing cost system is most likely undercosting tabor intenslve products The existing cost system is most likely overcosting labor intensive products

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