Using a spreadsheet and based on the information provided in the next section, complete the following requirements: 1. Determine the predetermined overhead rate. 2. Determine the total number of stainless steel cups to account for. 3. Prepare an equivalent units schedule. The schedule should follow the format below; you may add additional information if you would like Whole Units Equivalent Units (Actual) Direct Materials Direct Materials Conversion Stainless Steel Lids Costs Beginning Start/completed Completed/Transferred out Ending 4. Determine the total costs for the stainless steel and the unit stainless steel cost for the cups 5. Determine the total costs for the lids and the unit lid amount per cup. 6. Determine the total conversion cost and the conversion cost per cup. (Use 6 decimal places when calculating the unit amount.) 7. Determine the total equivalent cost per cup. 8. Prepare a Cost of Production report. This report should show all costs transferred into Work-in-Process and the costs transferred to Finished Goods. This process uses FIFO costing. Round all answers to the nearest dollar. 9. Determine the amounts for the following. Show calculations for credit. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f) Income before Taxes g) Tax Amount h) Net Income 10. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Using a spreadsheet and based on the information provided in the next section, complete the following requirements: 1. Determine the predetermined overhead rate. 2. Determine the total number of stainless steel cups to account for. 3. Prepare an equivalent units schedule. The schedule should follow the format below; you may add additional information if you would like Whole Units Equivalent Units (Actual) Direct Materials Direct Materials Conversion Stainless Steel Lids Costs Beginning Start/completed Completed/Transferred out Ending 4. Determine the total costs for the stainless steel and the unit stainless steel cost for the cups 5. Determine the total costs for the lids and the unit lid amount per cup. 6. Determine the total conversion cost and the conversion cost per cup. (Use 6 decimal places when calculating the unit amount.) 7. Determine the total equivalent cost per cup. 8. Prepare a Cost of Production report. This report should show all costs transferred into Work-in-Process and the costs transferred to Finished Goods. This process uses FIFO costing. Round all answers to the nearest dollar. 9. Determine the amounts for the following. Show calculations for credit. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f) Income before Taxes g) Tax Amount h) Net Income 10. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period
