Accounting HW Excel

Attached please find the Excel file for you to prepare Graded Case#3. Please prepare the Schedule of Cost of Goods Manufactured and the Income Statement in a similar fashion as shown in the Demonstration Case; you will also need to adjust the columns to make the proper indentations for both of these financial statements. In addition, work on the Job Order Costing problem in a similar fashion as shown in the lab; please pay particular attention to the Given information in the Job Order Costing problem. Graded Case#3 is due to be submitted to Canvas by Tuesday, April 3
act202l.sp.2018.graded.case_3.xlsx

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ACT202L: Spring 2018:
Graded Case#3: Managerial Accounting and Job Order Costing:
Prepare Schedules of Cost of Goods Manufactured and the Income Statement
for “ABC Linen Manufacturing Company” for the period Jan to Dec 2017
using the information below:
Given:
Beginning work-in-process inventory, Jan 1, 2017
Indirect manufacturing labor
Beginning finished goods inventory, Jan 1, 2017
Marketing expenses
Depreciation expense for plant building
Depreciation expense for plant equipment
Purchases of direct materials
Beginning direct materials inventory, Jan 1, 2017
Ending work-in-process inventory, Dec 31, 2017
Research and Development costs
Ending finished goods inventory, Dec 31, 2017
Supplies (indirect)
Ending direct materials inventory, Dec 31, 2017
Electricity costs (palnt)
Direct manufacturing labor
Sales revenues
Customer service expense
Miscellaneous costs for plant
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
11.000
5.500
23.000
22.500
4.000
3.000
90.000
12.500
10.000
44.000
21.000
2.500
11.500
5.000
15.000
260.000
19.000
15.000
ACT202L: Spring 2018: Graded Case#3 Job Order Costing Problem:
Given:
Interesting Figurines Company produces porcelain figurines.
The production is semi-automated whereby the figurines are
molded almost entirely by machines and then the figurines
are hand painted. The company uses a normal costing system and
it possesses two direct cost categories as well as two manufacturing
overhead cost pools. The Molding Department uses machine-hours
as its allocation base, and the Painting Department uses direct
manufacturing labor-hours as its allocation base.
The 2017 budget is as follows:
Machining
Department
Manufacturing Overhead Costs:
Direct Manufacturing Labor Costs:
Direct Manufacturing Labor-Hours
Machine-Hours
$
$
5.250.000
940.000
36.000
120.000
Finishing
Department
$
$
3.300.000
2.000.000
160.000
32.000
Question 1: What is the budgeted MOH rate in the machining
department?
Question 2: What is the budgeted MOH rate in the finishing
department?
Given #3: During the month of January, note the following costs
for Job 0117:
Direct Materials Used
Direct Manufacturing Labor Costs
Direct Manufacturing Labor-Hours
Machine-Hours
Machining
Department
$
345.000
$
70.000
300
900
Question 3: Determine the manufacturing overhead cost
allocated in Jan to each department, and the total MOH.
Question 3a: Determine the total costs for Jan for each
department and the total cost for Job 0117
Question 4: Assuming the Job 0117 consisted of 30,000 units of
product, what is the cost per unit?
Given #5:
Actual total MOH for both departments for 2017:
Actual total machine-hours for 2017:
Actual total direct labor hours for 2017:
Question 5a: What is the total allocated MOH for 2017:
(Budgeted rate times Actual hours)
Question 5b:
Given the actual total manufacturing overhead cost for 2017,
determine the under- or over-allocated manufacturing overhead
for Job 0117.
Question 5c:
If the under- or over-allocated MOH cost for 2017 is written off
completely to COGS, what is the year-end journal entry?
(net the two costs to determine debit or credit to COGS)
$
Actual MOH
8.600.000
117.000
162.000
Finishing
Department
$
85.000
$
180.000
950
60
Total

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