abraca dabra case p1

Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text.

If more than one page is required by the template, manual page breaks have been set to provide consistent presentation.

And information or data which may be required by the solution will be entered in cells with borders to help identify them.

Be advised, the template workbooks and worksheets are not protected.Overtyping any data may remove it.

You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page.

Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages.

All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells.

In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions.

Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will return January 01, 2010, in the format set in the template.

Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been provided or previously entered.

Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title without typing it.

Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable, "A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable.

Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires.

Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.

Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.

Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials. These titles can simply be typed over.

Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number provided in the template and in the text for that step of the challenge. In general this will appear in instances such as "Record the following events in General Journal number six."

The print area is defined to fit onto 8 1/2" × 11" sheets in portrait or landscape mode as required. Margins are generally set to no less than 1/2" so most printers can print them without a problem. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes."

When negative values are required, enter them by starting with a minus sign, "-". Negative values may be shown as ($400) or -$400. Negative values in formulas can be created by putting a minus sign in front of the cell reference - "=E10*-E11" will return a negative value if both cells E10 and E11 contain positive values.

Microsoft Office and Microsoft Excel are products of, and copyrighted by,Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399

If more than one page is required by the template, manual page breaks have been set to provide consistent presentation.

document.xlsx, Exercise E15-1, of 15 Page(s), 04/17/202318:00:43

Name: Date:Instructor: Course:

E15-1 - Prepare entries for factory labor.

The gross earnings of the factory workers for Vargas Company during the month of January ar $66,000 The employer’s payroll taxes for the factory payroll are $8,000 The fringe benefits to be paid by the employer on this payroll are $6,000 Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor.

Instructions:

Account title AmountAccount title AmountAccount title AmountAccount title Amount

Account title AmountAccount title Amount

Account title Amount

Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso

Primer on Using Excel in Accounting by Rex A Schildhouse

(a) Prepare the entry to record the factory labor costs for the month of January.

(b) Prepare the entry to assign factory labor to production.



E15-5 - Compute the manufacturing overhead rate and under- or overapplied overhead.

are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours.For the year $342,000 of overhead costs are incurred and 130,000 machine hours are

used.

Instructions:

Amount= Formula per machine hour

Number

Actual machine hours: NumberStandard rate: AmountTitle FormulaTitle AmountTitle Formula




Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours.

(a) Compute the manufacturing overhead rate for the year.

(b) What is the amount of under- or overapplied overhead at December 31?

(c) Assuming the under- or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold.



E15-9 - Prepare a cost of goods manufactured schedule and partial financial statements.

At May 31, 2012, the accounts of Mantle Manufacturing Company show the following.Finished goods, May 1 $12,600 Work in process, May 1 14,700 Raw materials, May 1 8,200 Finished goods, May 31 $9,500 Work in process, May 31 17,900 Raw materials, May 31 7,100

Direct materials $62,400 Direct labor 50,000 Manufacturing overhead applied 40,000

$210,000

Instructions:

MANTLE MANUFACTURING COMPANYCost of Goods Manufactured Schedule

For the Month Ended May 31, 2012Title AmountTitle AmountTitle AmountTitle Amount

Title FormulaTitle FormulaLess: Title AmountTitle Formula

MANTLE MANUFACTURING COMPANY(Partial) Income Statement

For the Month Ended May 31, 2012Title AmountTitle

Title AmountTitle AmountTitle FormulaTitle Amount



1. May 1

2. May 31

3. Debit postings to work in process were:

4. Sales totaled

(a) Prepare a condensed cost of goods manufactured schedule.

(b) Prepare an income statement for May through gross profit.



Title FormulaTitle Formula

Enter text answer here.

(c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2012.

document.xlsx, Problem P15-3A, of 15 Page(s), 04/17/202318:00:43


P15-3A - Prepare entries in a job order cost system and cost of goods manufactured schedule.

Raw Materials Inventory $4,200 Manufacturing Overhead Applied $32,640 Work in Process Inventory $5,540 Manufacturing Overhead Incurred $31,650

Subsidiary data for Work in Process Inventory on June 1 are as follows.Job Cost Sheets

Customer JobCost Element Gannon Rosenthal Linton

Direct materials $600 $800 $900 Direct labor 320 540 580 Manufacturing overhead 400 675 725

$1,320 $2,015 $2,205

During June, raw materials purchased on account were $4,900 and all wages were paid. Additionaloverhead costs consisted of depreciation on equipment $700 and miscellaneous costs of

$400 incurred on account.A summary of materials requisition slips and time tickets for June shows the following.

Customer Job Materials Requisition Slips Time TicketsGannon $800 $450 Koss 2,000 800 Rosenthal 500 360 Linton 1,300 1,200 Gannon 300 390

4,900 3,200 General use 1,500 1,200

$6,400 $4,400

Overhead was assigend to jobs at the same rate of $1.25 per dollar of direct labor cost. Thepatios for customers Gannon, Rosenthal, and Linton were completed during June and sold for a total of $18,900 Each customer paid in full.

Instructions:





Stellar Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2012, the general ledger for Stellar Inc. contains the following data.

(a)(i)(a) Journalize the June transactions for purchase of raw materials.

(a)(i)(b) Journalize the June transactions for factory labor costs incurred.



Account title AmountAccount title AmountAccount title Amount







Job

Gannon Amount Amount Formula FormulaRosenthal Amount Amount Formula FormulaLinton Amount Amount Formula Formula

Formula



(a)(i)(c) Journalize the June transactions for manufacturing overhead costs incurred.

(a)(ii)(a) Journalize the June transactions for the assignment of direct materials.

(a)(ii)(b) Journalize the June transactions for the assignment of direct labor.

(a)(ii)(c) Journalize the June transactions for the assignment of overhead to production.

(a)(iii)(a) Journalize the June transactions for the completion of jobs.

DirectMaterial

DirectLabor

ManufacturingOverhead

TotalCosts

(a)(iii)(b) Journalize the June transactions for the sale of goods.



Work in Process Inventory06/01/12 Balance Amount 06/30/12 Title Amount

Title AmountTitle AmountTitle Amount

06/30/12 Balance Formula

Work in Progress Inventory Amount

Koss Title AmountTitle AmountTitle Amount Formula

STELLAR INC.Cost of Goods Manufactured Schedule

For the Month Ended June 30, 2012Work in process, June 1 AmountTitle AmountTitle AmountTitle Amount

Total manufacturing costs FormulaTitle FormulaLess: Work in process, June 30 AmountTitle Formula

(b) Post the entries to Work in Process Inventory.

(c) Reconcile the balance in Work in Process Inventory with the costs of unfinished goods.

(d) Prepare a cost of goods manufactured schedule for June.



P15-5A - Analyze manufacturing accounts and determine missing amounts.

Raw Materials Inventory12/01/12 BB (a) 12/31/12 Requisitions 16,850 12/31/12 Purchases 19,225 12/31/12 EB 7,975

Work in Process Inventory12/01/12 BB (b) 12/31/12 Jobs complete (f)12/31/12 DM (c)12/31/12 DL 8,800 12/31/12 Overhead (d)12/31/12 EB (e)

Finished Goods Inventory12/01/12 BB (g) 12/31/12 COGS (i)12/31/12 Completed jobs (h)12/31/12 EB (j)

Factory Labor12/31/12 Factory wages 12,025 12/31/12 Wages assigned (k)

Manufacturing Overhead12/31/12 Ind matls 1,900 12/31/12 Ovrhd applied (m)12/31/12 Ind labor (l)12/31/12 Oth overhead 1,245

Other data:

costs of $9,750 and direct labor costs of $15,000 Overhead was applied at a rate that was 75%of direct labor costs.

charges for direct materials $3,800 and direct labor $4,800 plus manufacturing overhead. All jobs,except Job No. 158, were completed in December.

$5,000 OnDecember 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,000

$230 overapplied in December.

Instructions:List the letters (a) through (m) and indicate the amount pertaining to each letter.

(a) Formula Text or formula as desired(b) Formula Text or formula as desired(c) Formula Text or formula as desired(d) Formula Text or formula as desired(e) Formula Text or formula as desired(f) Formula Text or formula as desired(g) Formula Text or formula as desired(h) Formula Text or formula as desired(i) Formula Text or formula as desired(j) Formula Text or formula as desired(k) Formula Text or formula as desired(l) Formula Text or formula as desired

(m) Formula Text or formula as desired



Rodman Corporation’s fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.

1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials

2. During December, Job No. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had

3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of

4. Manufacturing overhead was

document.xlsx, Problem P15-3B, of 15 Page(s), 04/17/202318:00:43


P15-3B - Prepare entries in a job order cost system and cost of goods manufactured schedule.

Raw Materials Inventory $30,000 Work in Process Inventory $12,200 Manufacturing Overhead (debit) $2,500

The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000 Subsidiary data for Work in Process on May 1 include:

Job Cost SheetsJob by Customer Direct materials Direct labor Mfg Ovrhd

Stiner $2,500 $2,000 $1,400 Alton 2,000 1,200 840 Herman 900 800 560

$5,400 $4,000 $2,800

During May, the following costs were incurred:(a) Raw materials purchased on account $4,000 (b) Labor paid $7,000 (c) Manufacturing overhead paid $1,400

A summary of materials requisition slips and time tickets for the month of May reveals the following.Job by Customer Materials Requisition Slips Time Tickets

Stiner $500 $400 Alton 600 1,000 Herman 2,300 1,300 Smith 1,900 2,300

5,300 5,000 General use 1,500 2,000

$6,800 $7,000

Overhead was charged to jobs on the basis of $0.70 per dollar of direct labor cost.The jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three jacuzzis were sold fora total of $36,000

Instructions:





Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2012, his ledger contains the following data.

(a)(i)(a) Journalize the May transactions for purchase of raw materials.

(a)(i)(b) Journalize the May transactions for factory labor costs incurred.










Job

Stiner Amount Amount Formula FormulaAlton Amount Amount Formula FormulaHerman Amount Amount Formula Formula

Formula



(a)(i)(c) Journalize the May transactions for manufacturing overhead costs incurred.

(a)(ii)(a) Journalize the May transactions for the assignment of direct materials.

(a)(ii)(b) Journalize the May transactions for the assignment of direct labor.

(a)(ii)(c) Journalize the May transactions for the assignment of overhead to production.

(a)(iii)(a) Journalize the completion of the jobs.

DirectMaterials

DirectLabor

ManufacturingOverhead

TotalCosts

(a)(iii)(b) Journalize the May transactions for the sale of goods.



Work in Process Inventory5/1/12 Balance Amount 5/31/12 Title Amount

Title AmountTitle AmountTitle Amount

5/31/2012 Balance Formula

Work in Progress Inventory Amount

Smith Title AmountTitle AmountTitle Amount Formula

ROBERT PEREZ COMPANYCost of Goods Manufactured Schedule

For the Month Ended May 31, 2012Work in process, May 1 AmountTitle AmountTitle AmountTitle Amount

Total manufacturing costs FormulaTitle FormulaLess: Account title AmountTitle Formula

(b) Post the entries to Work in process inventory.

(c) Reconcile the balance in Work in process Inventory with the costs of unfinished goods.

(d) Prepare a cost of goods manufactured schedule for May.



P15-5B - Analyze manufacturing accounts and determine missing amounts.

Raw Materials Inventory07/01/12 BB 19,000 07/31/12 Requisitions (a)07/31/12 Purchases 90,400 07/31/12 EB (b)

Work in Process Inventory07/01/12 BB (c) 07/31/12 Jobs complete (f)07/31/12 DM 80,000 07/31/12 DL (d)07/31/12 Overhead (e)07/31/12 EB (g)

Finished Goods Inventory07/01/12 BB (h) 07/31/12 COGS (j)07/31/12 Completed jobs (i)07/31/12 EB (k)

Factory Labor07/31/12 Factory wages (l) 07/31/12 Wages assigned (m)

Manufacturing Overhead07/31/12 Ind matls 8,900 07/31/12 Ovrhd applied 117,000 07/31/12 Ind labor 16,000 07/31/12 Oth overhead (n)

Other data:$19,000 and

$8,200 respectfully.

had charges for direct materials $2,000 and direct labor $1,500 plus manufacturing overhead.Manufacturing overhead was applied at the rate of 130% of direct labor cost.

$145,000 was in the finished goods warehouse. On July 31, Job No. 4088, costing $138,000 was in finished goods.

$3,000 underapplied in July.

Instructions:List the letters (a) through (n) and indicate the amount pertaining to each letter.

(a) Formula Text or formula as desired(b) Formula Text or formula as desired(c) Formula Text or formula as desired(d) Formula Text or formula as desired(e) Formula Text or formula as desired(f) Formula Text or formula as desired(g) Formula Text or formula as desired(h) Formula Text or formula as desired(i) Formula Text or formula as desired(j) Formula Text or formula as desired(k) Formula Text or formula as desired(l) Formula Text or formula as desired

(m) Formula Text or formula as desired(n) Formula Text or formula as desired



Bell Company’s fiscal year ends on June 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.

1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of

2. During July, Job No. 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job

3. On July 1, Job No. 4084, costing

4. Overhead was

abraca dabra case p1

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