PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS Addison, Inc makes a single product, an indoor fireplace, and has provided data from last year of operations The Controller has asked you to compare income statements if the company used the variable costing approach vs the absorption costing report Use the information included in the Excel Simulation and the Excel functions described below to complete the task Cell Reference Allows you to refer to data from another cell in the worksheet From the Excel Simulation below, if in a blank cell, B3 was entered, the formula would output the result from cell B3, or 420 in this example Basic Math functions Allows you to use the basic math symbols to perform mathematical functions You can use the following keys (plus sign to add), (minus sign to subtract), (asterisk sign to multiply), and (forward slash to divide) From the Excel Simulation below, if in a blank cell B15 B16 was entered, the formula would add the values from those cells and output the result, or 9,500 in this example If using the other math symbols the result would output an appropriate answer for its function SUM function Allows you to refer to multiple cells and adds all the values You can add individual cell references or ranges to utilize this function From the Excel Simulation below, if in a blank cell SUM(B6,B7,B8) was entered, the formula would output the result of adding those three separate cells, or 215 in this example Similarly, if in a blank cell SUM(B6 B8) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 215 in this example A 1 Addison, Inc makes a single product, an indoor fireplace Data for last year is as follows 2 3 Selling price per fireplace 4 Manufacturing costs $420 5 Variable per unit produced 6 $135 Direct materials 7 Direct labor $43 $37 Variable manufacturing overhead Fixed manufacturing overhead per year $210,000 10 Selling and administrative expenses Variable per unit sold Fixed per year 11 $45 12 $190,000 13 14 Units in beginning inventory 0 15 Uni produced during the year 16 Units sold during the year 00 4,500 17 18 Use the data to answer the following 19 20 1 Assume the company uses variable costing 21 22 Compute the unit product cost for one fireplace 23 C A 23 24 Prepare a contribution margin income statement for the year 25 26 Sales 27 Variable expenses Variable cost of goods sold 28 Variable selling and administrative expenses 29 30 Contribution margin 31 Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expenses 32 33 34 Net operating income 35 36 Compute the number of fireplaces required to breakeven 37 38 2 Assume the company uses absorption costing 39 40 Compute the unit product cost for one fireplace 41 42 Prepare an income statement for the year 43 44 Sales 45 Cost of goods sold 46 Gross margin 47 Selling and administrative expenses D 44 Sales 45 Cost of goods sold 46 Gross margin 47Selling and administrative expenses 48 Net operating income 49 50 51 52

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 16, 2024

PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS PLEASE HAVE FINAL ANSWERS

PLEASE HAVE FINAL ANSWERS AS EXCEL FORMULAS

Addison, Inc. makes a single product, an indoor fireplace, and has provided data from last year of operations. The Controller has asked you to compare income statements if the company used the variable costing approach vs. the absorption costing report. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, =B3 was entered, the formula would output the result from cell B3, or 420 in this example.
Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B15+B16 was entered, the formula would add the values from those cells and output the result, or 9,500 in this example. If using the other math symbols the result would output an appropriate answer for its function.
SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(B6,B7,B8) was entered, the formula would output the result of adding those three separate cells, or 215 in this example. Similarly, if in a blank cell =SUM(B6:B8) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 215 in this example.

A 1 |Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows: 2 3 Selling price per fireplace 4 Manufacturing costs: $420 5 Variable per unit produced: 6 $135 Direct materials 7 Direct labor $43 $37 Variable manufacturing overhead Fixed manufacturing overhead per year $210,000 10 Selling and administrative expenses: Variable per unit sold Fixed per year 11 $45 12 $190,000 13 14 Units in beginning inventory 0 15 Uni produced during the year 16 Units sold during the year 00 4,500 17 18 Use the data to answer the following. 19 20 1. Assume the company uses variable costing: 21 22 Compute the unit product cost for one fireplace 23 C A 23 24 Prepare a contribution margin income statement for the year 25 26 Sales 27 Variable expenses: Variable cost of goods sold 28 Variable selling and administrative expenses 29 30 Contribution margin 31 Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses 32 33 34 Net operating income 35 36 Compute the number of fireplaces required to breakeven 37 38 2. Assume the company uses absorption costing: 39 40 Compute the unit product cost for one fireplace 41 42 Prepare an income statement for the year 43 44 Sales 45 Cost of goods sold 46 Gross margin 47 Selling and administrative expenses D 44 Sales 45 Cost of goods sold 46 Gross margin 47Selling and administrative expenses 48 Net operating income 49 50 51 52