please explain and bolden or even keep seperate the explanation vs. the answers so i can see in detail please and thank you!!!
Crispin Company's sales from last year were $8 million. The company maintains no beginning or ending inventories. It has assembled all of its costs from last year and would like your assistance in sorting these costs into various categories, depicting them graphically, and preparing traditional and contribution format income statements. 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 PivotCharts in Excel. Click here for a brief tutorial on SUMIF in Excel. Required: 1. Go to the "Cost Summary" tab. Using PivotTable and Charts: a. Calculate the company's total product costs and total period costs. b. Calculate the portions of the total product costs that would be classified as direct materials, direct labor, and manufacturing overhed (MOH). c. Calculate the portions of the total period costs that would be classified as selling expense and administrative expense. Complete this question by entering your answers in the tabs below. Calculate the company's total product costs and total period costs. Required: 1. Go to the "Cost Summary" tab. Using PivotTable and Charts: a. Calculate the compeny's total product costs and total period costs. b. Calculate the portions of the total product costs that would be classified as direct materials, direct labor, and manufacturing overhead (MOH). c. Calculate the portions of the total period costs that would be ciassified as seliing expense and administrative expense. Complete this question by entering your answers in the tabs belaw, Calculate the portions of the total product costs that would be classified as direct materials, direct labor, and manufacturing overthead (MOH). Required: 1. Go to the "Cost Summary" tab. Using PivotTable and Charts: a. Calculate the company's total product costs and total period costs. b. Calculate the portions of the total product costs that would be classified as direct materials, direct laboc, and manufacturing overhead (MOH). c. Calculate the portions of the total period costs that would be classifed as selling expense and administrative expense. Complete this question by entering your answers in the tabs below. Calculate the portions of the total period costs that would be classified as seling expense and administrative expense. 3. Refer to the "Income Statements" tab within your template. Using the Sumif function to quantify the cost of goods sold, the fotal selling oxpense, and the total administrative expense: a. Prepare a traditional format income statement. (Hint: The cost of goods sold should include all direct materiais, direct labor, variable manufacturing overhead, and fixed manufacturing overhcod costs.) b. Based on the traditional format income statement, what is the gross margin? c. Eased on the traditional format income statement, what is the total selling and administrative expense? 4. Assume the company wants to adapt the information in the "Cost Summary" tab to prepare a contribution format income statement. Within the "Income Statements" tab of your template, and using the Sum IFS function to quantify all variable and fixed expenses: a. Prepare a contribution format income statement. (Hint: The cost of goods sold should include all direct materials, direct labor, and variable manufacturing overtiead. The fixed manufacturing overhead costs should be included within the "Fixed expenses" gortion of the income statement.) b. Based on the contribution format income statement, what is the contribution margin? c. Based on the contribution format income statement, what is the net operating income? Crispin Company's sales from last year were $8 million. The company maintains no beginning or ending inventories. It has assembled all of its costs from last year and would like your assistance in sorting these costs into various categories, depicting them graphically, and preparing traditional and contribution format income statements. 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 PivotCharts in Excel. Click here for a brief tutorial on SUMIF in Excel. Required: 1. Go to the "Cost Summary" tab. Using PivotTable and Charts: a. Calculate the company's total product costs and total period costs. b. Calculate the portions of the total product costs that would be classified as direct materials, direct labor, and manufacturing overhed (MOH). c. Calculate the portions of the total period costs that would be classified as selling expense and administrative expense. Complete this question by entering your answers in the tabs below. Calculate the company's total product costs and total period costs. Required: 1. Go to the "Cost Summary" tab. Using PivotTable and Charts: a. Calculate the compeny's total product costs and total period costs. b. Calculate the portions of the total product costs that would be classified as direct materials, direct labor, and manufacturing overhead (MOH). c. Calculate the portions of the total period costs that would be ciassified as seliing expense and administrative expense. Complete this question by entering your answers in the tabs belaw, Calculate the portions of the total product costs that would be classified as direct materials, direct labor, and manufacturing overthead (MOH). Required: 1. Go to the "Cost Summary" tab. Using PivotTable and Charts: a. Calculate the company's total product costs and total period costs. b. Calculate the portions of the total product costs that would be classified as direct materials, direct laboc, and manufacturing overhead (MOH). c. Calculate the portions of the total period costs that would be classifed as selling expense and administrative expense. Complete this question by entering your answers in the tabs below. Calculate the portions of the total period costs that would be classified as seling expense and administrative expense. 3. Refer to the "Income Statements" tab within your template. Using the Sumif function to quantify the cost of goods sold, the fotal selling oxpense, and the total administrative expense: a. Prepare a traditional format income statement. (Hint: The cost of goods sold should include all direct materiais, direct labor, variable manufacturing overhead, and fixed manufacturing overhcod costs.) b. Based on the traditional format income statement, what is the gross margin? c. Eased on the traditional format income statement, what is the total selling and administrative expense? 4. Assume the company wants to adapt the information in the "Cost Summary" tab to prepare a contribution format income statement. Within the "Income Statements" tab of your template, and using the Sum IFS function to quantify all variable and fixed expenses: a. Prepare a contribution format income statement. (Hint: The cost of goods sold should include all direct materials, direct labor, and variable manufacturing overtiead. The fixed manufacturing overhead costs should be included within the "Fixed expenses" gortion of the income statement.) b. Based on the contribution format income statement, what is the contribution margin? c. Based on the contribution format income statement, what is the net operating income
