ror me mumbers, you may use Excel iormulas or lype$-$m your numbers!

HINTS:

INPUT $1$: Factory Overhead is ALWAYS a PRODUCT cost, EXPENSES are ALWAYS PERIOD COSTS

The Statement of Cost of Goods Manufactured & calculation of Cost of Goods sold are listed in CH $18.$ An example is listed in last week's Overview & Hints under Modules

The calculation of Cost of Goods Sold is just portion of the income statement calculation. Below is a similar format however, you have a BEGINNING Inventory $($listed on the Excel file Instructions$)$:

Beginning Finished Goods Inventory

Cost of Goods Manufactured

Cost of Goods Available for Sale

Ending Finished Goods Inventory

Cost of Goods Sold

Ending Finished Goods is $700$ items $($provided in the instructions$)x$ Unit Product Cost calculated from INPUT $2$ Tab $($because you are using FIFO... FIRST IN FIRST OUT. You have sold ALL of your beginning inventory and even some of the inventory you manufactured this month... what is left is just the stuff that you made this month at this month's cost$)$

$18$ Excel Project

INSTRUCTIONS: Identify the costs with the correct classificaton and category

Description

Chocolate chips used in the cookies.

Depreciation on the ovens.

Insurance on the computers used in the accounting office.

Wages for the bakery security guard.

Salaries of the bakers who make the cookies.

Electricity for the bakery.

Heating for the corporate headquarters.

Freight for shipping the cookies to customers.

Salary of the baking supervisor.

Cost Classification

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Category

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