Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Starlite Company has the following financial data for the fiscal year ending December 31. Click here to download the Excel File of Financial Data.

image text in transcribed.image text in transcribed

Starlite Company has the following financial data for the fiscal year ending December 31. Click here to download the Excel File of Financial Data. Briefly review the Excel file and note that amounts transferred out are displayed as negative numbers. Proceed to the assignment steps below. Assignment 1 Steps: 1. Open a new Tableau Workbook from the File menu. Select the "Connect to Data" option in the Data tab on your blank worksheet page, or you can select Data Source in the bottom left hand corner. Next, select Microsoft Excel in the list of connection sources. You will then select the Excel data file you just downloaded in your file explorer. a. Notice that there are some zeros in the data. The correct amount of these steps is not zero, instead you will need to solve for these variables to answer the questions. 2. Within the Sheet1 Tab, drag and drop Amount from the Data pane into the columns shelf and make sure Tableau is summing the amounts. 3. Drag and drop Inventory from the Data pane into the rows shelf. a. Be sure to order these inventory accounts in the same sequence as shown in the Excel data file you have downloaded. You can order these inventory accounts by clicking, dragging, and dropping them. 4. Drag and drop Step from the Data pane into the Rows shelf (to the right of Inventory). 5. Drag and drop Category from the Data pane onto the Color mark. 6. Drag and drop Amount from the Data pane onto the Label mark. 1. What is the variable factory overhead costs for the year? 2. What are the total Manufacturing Costs? 3. What is the total cost of Goods manufactured? 4. What are the total Goods Available for Sale? 5. What is the total cost of Goods Sold? B D E F G H I J L M Amount Category 28,000 Beginning Balance 220,000 Addition 20,000 Ending Balance (228,000) Transferred Out (152,000) Transferred Out 300,000 Addition Addition (390,000) Transferred Out 40,000 Beginning Balance 228,000 Addition 152,000 Addition 390,000 Addition 55,000 Ending Balance (755,000) Transferred Out 35,000 Beginning Balance 755,000 Addition 15,000 Ending Balance Transferred Out Inventory Raw Materials Raw Materials Raw Materials Raw Materials Direct Labor Overhead Overhead Overhead WIP WIP WIP WIP WIP WIP FG FG FG FG | Cancel 1 Step 2 1. Beginning Balance, January 1 3 2. (+) Purchases (RM Purchases) 4 3. (-) Ending Balance 5 4. Transferred Out (RM used) 6 5. (+) Direct Labor 7 6. (+) Fixed Overhead 8 7. (+) Variable Overhead 98. = Total Factory Overhead 10 9. Beginning Balance, January 1 11 10. (+) Additions (RM used) 12 11. (+) Additions (DL used) 13 12. (+) Additions (OH used) 14 13. (-) Ending Balance, December 31 15 14. - Transferred Out (COGM) 16 15. Beginning Balance, January 1 17 16. (+) Additions (COGM) 18 17. (-) Ending Balance, December 31 19 18. = Transferred Out (COGS) 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Accounting Volume 23

Authors: Philip M J Reckers

1st Edition

0762314257, 9780762314256

More Books

Students also viewed these Accounting questions