Accounting Question 2
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The Excel worksheet form that appears below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter. Garrison 16e Rechecks 2017-08-04
1.Award: 10.00 points
Download the Applying Excel form and enter formulas in all cells that contain question marks.
For example, in cell B13 enter the formula "= BS".
After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text.
Check your worksheet by changing the estimated total amount of the allocation base in the Data area to 50,000 machine-hours, keeping all of the other data the same as in the original example. If your worksheet is operating properly, the predetermined overhead rate should now be $6.00 per machine-hour. If you do not get this answer, find the errors in your worksheet and correct them.
Save your completed Applying Excel form to your computer and then upload it here by clicking "Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2.
download reference file
Chapter_ 3 _Applying_Excel_ Student_Form .xis
References
File Attachment Question
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Difficulty: 2 Medium Learning Objective: 03-04 Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts.
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10/30/2019, 1:18 PM
Chapter 3: Applying Excel
Data
Allocation base Estimated manufacturing overhead cost Estimated total amount of the allocation base Actual manufacturing overhead cost
Actual total amount of the allocation base
Enter a formula into each of the cells marked with a ? below
Computation of the predetermined overhead rate
Estimated manufacturing overhead cost
Estimated total amount of the allocation base
Predetermined overhead rate
Computation of underapplied or overapplied manufacturing overhead
Actual manufacturing overhead cost
Manufacturing overhead cost applied to Work in Process during the year: Predetermined overhead rate
Actual total amount of the allocation base Manufacturing overhead applied
Underapplied (overapplied) manufacturing overhead
Machine-hours $300,000
75,000 machine-hours $290,000
68,000 machine-hours
? ? machine-hours ? per machine-hour
?
? per machine-hour
? machine-hours ----- ?
?
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The Excel worksheet form that appears below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter. Garrison 16e Rechecks 2017-08-04
2.Award: 10.00 points
2.Change all of the numbers in the data area of your worksheet so that it looks like this:
A B I C I
�-
Chapter 3: Applying Excel
2
3 Data
4 Allocation base Machine-hours
5 , Estimated manufacturing overhead cost $ 365,800
6 Estimated total amount of the allocation base 62,000 machine-hours --
Actual manufacturing overhead cost $ 361,700
8 Actual total amount of the allocation base 70,000 machine-hours
If your formulas are correct, you should get the correct answers to the following questions.
(a)What is the Predetermined overhead rate? (Round your answer to 2 decimal places.)
Predetermined overhead rate
per machine hour
(b)By how much is the manufacturing overhead underapplied or overapplied?
10/30/2019, 1:03 PM
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3. Either print or make a copy of your worksheet in your workbook before proceeding. You will need to refer back to this worksheet.
Change the estimated total amount of the allocation base to 59,000 machine-hours, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this:
AB C 1 Chapter 3: Applying Excel
2
3 Data
4 Allocation base Machine-hours 5 Estimated manufacturing overhead cost $ 365,800 6 Estimated total amount of the allocation base 59,000 machine-hours
I Actual manufacturing overhead cost --$ 361,700 L� Actual total amount of the allocation base 70,000 machine-hours
(a)By how much is the manufacturing overhead underapplied or overapplied?
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(b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.)
11] The change in the estimated total amount of the allocation base affected the predetermined overhead rate.
[1] The change in the estimated total amount of the allocation base affected the amount of manufacturing overhead applied.
11] Actual manufacturing overhead cost differs from period to period.
11] The estimated manufacturing overhead cost did not change in proportion to the change in the estimated total amount of the allocation base.
4. Change the estimated total amount of the allocation base back to 62,000 machine-hours, so that the data area of you worksheet looks exactly the same as in Requirement 2. Now change the actual manufacturing overhead cost from $361,700 to $370,300. The data area of your worksheet should now look like this:
A B C 1 Chapter 3: Applying Excel 2
3 Data
4 Allocation base Machine-hours 5 Estimated manufacturing overhead cost $ 365,800 6 Estimated total amount of the allocation base 62,000 machine-hours 7 Actual manufacturing overhead cost $ 370,300 8 Actual total amount of the allocation base 70,000 machine-hours
"-
(a) By how much is the manufacturing overhead underapplied or overapplied?
10/30/2019, 1 :03 PM
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(b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.)
[?l The predetermined overhead rate changed.
[?l The change in the actual manufacturing overhead cost directly resulted in a comparable change in the amount of underapplied (overapplied) manufacturing overhead.
lj) The change in the estimated total amount of the allocation base affected the amount of manufacturing overhead applied.
Garrison 16e Rechecks 2017-08-17, 2017-10-13
References
Applying Excel Question
Difficulty: 2 Medium
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Learning Objective: 03-04 Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts.
10/30/2019, 1:03 PM
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3.Award: 10.00 points
su·perlor Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost
Inventory balances at the beginning and end of the year were as follows:
Beginning of Year End of Year
Raw materials $ 50,000 $ 38,000 Work in process ? $ 29,000 Finished goods $ 40,000 ?
$ 210,000
$ 262,000
?
$ 150,000
$ 374,000
$ 357,000
The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Complete this question by entering your answers in the tabs below.
Income Statement
COGS Schedule
COGM Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Selling and administrative expenses:
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