Using Excel to classify manufacturing costs and to determine the cost of manufactured products.

Fremont Troll House Cookies has been baking coconut cookies for $27$ years. Classify manufacturing costs,

and prepare schedules for the Cost of Goods Manufactured and the Cost of Goods Sold for the month ended March $31,2024.$

Requirements:

$1.$ Use Excel to classify costs as described below.

a$.$Classify the costs as either period costs or product costs.

$$ i$.$ To classify the cost, click in the cell. A drop down arrow will appear to the right. Click the arrow and select either Product or Period.

b$.$ Classify the product costs as direct materials, direct labor, or manufacturing overhead.

$$ i$.$ To identify the classification, click in the cell. A drop down arrow will appear to the right. Click the arrow. If it$$s a product cost, select direct materials, direct labor, or manufacturing overhead. If it$$s a period cost, select expense.

$2.$ Complete the Schedule of Cost of Goods Manufactured. Use the blue shaded areas for inputs. Use the following amounts: direct materials used, $$2,500$; direct labor, $$3,000$; manufacturing overhead, $$11,000$; beginning work$-$in$-$process inventory, $$1,500$; and ending work$-$in$-$process inventory, $$1,200.$

a$.$ Complete the heading

b$.$ To select the correct report caption, click in the cell. A drop down arrow will appear to the right. Click the arrow and select the appropriate caption from the alphabetical list.

c$.$ Indent the captions for Direct Materials Used, Direct Labor, and Manufacturing Overhead. Use the Increase Indent button on the Home tab in the Alignment section.

d$.$ Complete the amounts to the right. Use the Excel function SUM$()$ to sum amounts on the schedule.

e$.$ Format the cells requiring dollar signs.

f$.$ Format underlines or double underlines as needed.

g$.$ Boldface the total.

$3.$ Using the results from Requirement $2,$ calculate the cost per unit for goods manufactured assuming $16,000$ units were manufactured. Use the blue shaded areas for inputs. Use a formula to calculate the cost per unit.

$4.$ Complete the Cost of Goods Sold schedule. Beginning Finished Goods had $500$ units that had a cost of $$0\mathrm{.}98$ each. Ending Finished Goods Inventory had $700$ units left.

a$.$ Complete the heading.

b$.$ Using the results from Requirement $3,$ calculate cost of goods sold assuming FIFO inventory costing is used.

c$.$ To select the correct report caption, click in the cell. A drop down arrow will appear to the right. Click the arrow and select the appropriate caption from the alphabetical list.

d$.$ Complete the amounts to the right. Use the Excel function SUM to derive the Cost of Goods Sold.

e$.$ Format the cells requiring dollar signs.

f$.$ Format underlines or double underlines as needed.

g$.$ Boldface the total.

Excel Skills:

$1.$ Enter numbers into cells.

$2.$ Use Excel$$s data validation to select cost classifications or report captions.

$3.$ Use Excel function SUM$().$

$4.$ Select the number format $($dollar signs$).$

$5.$ Select the border $($single underline, double underline$).$

$6.$ Select the boldface font.

$7.$ Use the Increase Indent button to indent items in the Schedule of Cost of Goods Manufactured.