Accounting excel assignment
Requirement 1 Chapter 3: Applying Excel - Requirement 1 Data Allocation baseMachine-hours Estimated manufacturing overhead cost$300,000 Estimated total amount of the allocation base75,000machine-hours Actual manufacturing overhead cost$290,000 Actual total amount of the allocation base68,000machine-hours 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?machine-hours Predetermined overhead rate?per machine-hour 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?per machine-hour Actual total amount of the allocation base?machine-hours Manufacturing overhead applied? Underapplied (overapplied) manufacturing overhead? Requirement 2 Chapter 3: Applying Excel - Requirement 2 Data Allocation baseMachine-hours Estimated manufacturing overhead cost$300,000 Estimated total amount of the allocation base60,000machine-hours Actual manufacturing overhead cost$290,000 Actual total amount of the allocation base68,000machine-hours 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?machine-hours Predetermined overhead rate?per machine-hour 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?per machine-hour Actual total amount of the allocation base?machine-hours Manufacturing overhead applied? Underapplied (overapplied) manufacturing overhead? Did the underapplied/overapplied manufacturing overhead change from Requirement 1 to Requirement 2?? Why? Requirement 3 Chapter 3: Applying Excel - Requirement 3 Data Allocation baseMachine-hours Estimated manufacturing overhead cost$100,000 Estimated total amount of the allocation base50,000machine-hours Actual manufacturing overhead cost$90,000 Actual total amount of the allocation base40,000machine-hours 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?machine-hours Predetermined overhead rate?per machine-hour 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?per machine-hour Actual total amount of the allocation base?machine-hours Manufacturing overhead applied? Underapplied (overapplied) manufacturing overhead? Requirement 4 Chapter 3: Applying Excel - Requirement 4 Data Allocation baseMachine-hours Estimated manufacturing overhead cost$100,000 Estimated total amount of the allocation base40,000machine-hours Actual manufacturing overhead cost$90,000 Actual total amount of the allocation base40,000machine-hours 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?machine-hours Predetermined overhead rate?per machine-hour 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?per machine-hour Actual total amount of the allocation base?machine-hours Manufacturing overhead applied? Underapplied (overapplied) manufacturing overhead? Why is the amount of overapplied/underapplied manufacturing overhead different from Requirement 3? Requirement 5 Chapter 3: Applying Excel Data Allocation baseMachine-hours Estimated manufacturing overhead cost$100,000 Estimated total amount of the allocation base50,000machine-hours Actual manufacturing overhead cost$100,000 Actual total amount of the allocation base40,000machine-hours 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?machine-hours Predetermined overhead rate?per machine-hour 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?per machine-hour Actual total amount of the allocation base?machine-hours Manufacturing overhead applied? Underapplied (overapplied) manufacturing overhead? Why is the underapplied/overapplied manufacturing overhead different than in Requirement 3? Fundamental 15 Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials$40,000 Work in process$18,000 Finished goods$35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16,25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $450,000. All of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000 e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. Required: 1. What is the journal entry to record raw materials used in production? 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? 5. What is the total manufacturing cost added to Work in Process during the year? 6. What is the journal entry to record the transfer of completed jobs that is referred to in item "g" above? 7. What is the ending balance in Work in Process? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is the cost of goods available for sale during the year? 11. What is the journal entry to record the cost of goods sold referred to in item "h" above? 12. What is the ending balance in Finished Goods? 13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? 14. What is the gross margin for the year? 15. What is the net operating income for the year?