Easy finance 4

Instructions on first page of excel sheet. I need tabs 2, 3, and 4 completed. The areas needed are highlighted at the bottom. This is my first finance class so they should be really easy, the military just does not give me enough time to do all of it. This is the fourth of four homeworks I will have that I cant figure out.

General Instructions

page if the template requires more than one page.

s

, the print date, and the print time to assist in assembly of multiple pages.

” 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.

s,” “

s,” 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.

” 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.

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.

99

Instructions for the Microsoft Excel Templates by Rex A Schildhouse

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

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

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

Each template is set to print with File Name, tab name, Page # of # Page

(

)

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

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.

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

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 Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

Title

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 “

Value

Amount

Where a yellow highlighted cell shows titles such as “

Formula

–

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

×

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 98052-6

3

Exercise E22-2

of grape concentrate at

of granulated sugar at

each

50

s at

each

50

each

per ounce

Waste

Title Amount ounces

Formula Amount Formula

Title Amount pounds Percentage Formula Amount Formula
Title Amount each Percentage Formula Amount Formula
Title Amount tablet Percentage Formula Amount Formula

Title Amount tablet Percentage Formula Amount Formula
Title Amount ounces Percentage Formula Amount Formula

Formula

		Name:			Date:
		Instructor:			Course:
		Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
		Primer on Using Excel in Accounting by Rex A Schildhouse
E22-2 – Compute standard materials costs.
Jim Hetzel manufactures and sells homemade wine, and he wants to develop a standard cost per gallon.
The following are required for production of a			50	-gallon batch.
3,000			ounces	$0.040		per ounce
54		pounds	0.350	per pound
60	lemons at	0.600
yeast		tablet	0.250
nutrient tablets at	0.200
2,500	ounces of water at	0.004
Jim estimates that	4%	of the grape concentrate is wasted,	10%	of the sugar is lost, and
20%	of the lemons cannot be used.
Instructions:
Compute the standard costs of the ingredients for one gallon of wine. (Carry the computations to two decimal places.)
Ingredient	Amount Per Gallon	Unit of Measure		Standard	Standard Usage	Standard Price	Standard Cost Per Gallon
					Percentage

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Exercise E22-7

Name: Date:
Instructor: Course:
Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
Primer on Using Excel in Accounting by Rex A Schildhouse

8

3

“, insert “SP” for Standard Price, “SQ” for Standard Quantity, “AP” for

Price, “AQ” for Actual Quantity, “AH” for Actual Hours, “AR” for Actual Rate, “

” for Standard Hours, and “

” for Standard Rate.)

( Item × Item

Item × Item )

( Amount × Value ) – ( Amount × Value )
Amount – Amount

Formula

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount

Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount

Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount

Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount

Formula Fav/Unf

( Item × SR ) – ( SH × Item )

( Amount × Value ) – ( Amount × Value )
Amount – Amount

Formula Fav/Unf

E22-7 – Compute materials and labor variances.

Shannon Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (

pounds at

$2.50

per pound)

$20.00

Direct labor (

hours at

$12.00

per hour)

$36.00

During the month of April, the company manufactures

230

units and incurs the following actual costs.

Direct materials purchased and used (

1,900

pounds)

$4,940.00

Direct labor (

700

hours)

$8,120.00

Instructions: (For “

Item

Actual

SH

SR

(1) Compute the total materials variance.

) – (

Total materials variance =

Fav/Unf

(2) Compute the materials price variance.

Materials price variance =

(3) Compute the materials quantity variance.

Materials quantity variance =

(4) Compute the total labor variance.

Total labor variance =

(5) Compute the labor price variance.

Labor price variance =

(6) Compute the labor quantity variance.

Labor quantity variance =

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Problem P22-2A

Name: Date:
Instructor: Course:
Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
Primer on Using Excel in Accounting by Rex A Schildhouse

Actual Standard

3

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount
Total materials variance = Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount
Materials price variance = Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount
Materials quantity variance = Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount
Total labor variance = Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount
Labor price variance = Formula Fav/Unf

( Item × Item ) – ( Item × Item )
( Amount × Value ) – ( Amount × Value )
Amount – Amount
Labor quantity variance = Formula Fav/Unf

Item – Item
Value – Value

Formula Fav/Unf

Title Amount

Title Amount

Formula

Title Amount

Title Amount Fav or Unf
Title Amount Fav or Unf
Title Amount Fav or Unf

Title Formula Fav or Unf

Formula Fav or Unf

Title Formula

Title Amount
Title Formula

P22-2A – Compute variances, and prepare income statement.
Martinez Manufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2012.
Costs and Production Data
Raw materials unit cost	$2.25	$2.00
Raw materials units used	10,600	10,000
Direct labor payroll	$122,400	$120,000
Direct labor hours worked	14,400	15,000
Manufacturing overhead incurred	$184,500
Manufacturing overhead applied	$189,000
Machine hours expected to be used at normal capacity	42,500
Budgeted fixed overhead for June	$51,000
Variable overhead rate per hour	$3.00
Fixed overhead rate per hour	$1.20
Overhead is applied on the basis of standard machine hours.	hours of machine time are
required for each direct labor hour. The jobs were sold for	$400,000	Selling and administrative
expenses were	$40,000	Assume that the amount of raw materials purchased equaled the amount used.
Instructions: (For “Item”, insert “SP” for Standard Price, “SQ” for Standard Quantity, “AP” for Actual Price, “AQ” for Actual Quantity, “AH” for Actual Hours, “AR” for Actual Rate, “SH” for Standard Hours, “SR” for Standard Rate, “FOR” for Factory Overhead Rate, “NCH” for Normal Capacity Hours, and “SHA” for Standard Hours Allowed.)
(a)(1)(a) Compute the total materials variance.
(a)(1)(b) Compute the materials price variance.
(a)(1)(c) Compute the materials quantity variance.
(a)(2)(a) Compute the total labor variance.
(a)(2)(b) Compute the labor price variance.
(a)(2)(c) Compute the labor quantity variance.
(b) Compute the total overhead variance.
Total overhead variance =
(c) Prepare an income statement for management. Ignore income taxes.
MARTINEZ MANUFACTURING CORPORATION
Income Statement
For the Month Ended June 30, 2012
Variances
					Fav or Unf
Total variance – Unfavorable

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