Please include the excel formulas as well. Thanks! :) A1fxChapter 6: Applying ExceBDE1 Chapter 6: Applying Excel23 Data4 Selling price per unit5 Manufacturing costs:Variable per unit produced:Direct materials$507$11$6$3Direct laborVariable manufacturing overheadFixed manufacturing overhead per year11 Selling and administrative expenses:Variable per unit soldFixed per year10$120,00012$413$70,0001415Year 1Year 216 Units in beginning inventory17 Units produced during the year18 Units sold during the year10,0008,0006,0008,0001920 Enter a formula into each of the cells marked with a ? below21 Review Problem 1: Contrasting Variable and Absorption Costing2223 Compute the Ending Inventory24Year 1Year 225 Units in beginning inventory26 Units produced during the year27 Units sold during the year28 Units in ending inventory2930 Compute the Absorption Costing Unit Product Cost31Year 1Year 232 Direct materials33 Direct labor34 Variable manufacturing overhead35 Fixed manufacturing overhead36 Absorption costing unit product cost?3738 Construct the Absorption Costing Income StatementYear 139Year 240 Sales41 Cost of goods sold42 Gross margin43 Selling and administrative expenses44 Net operating income???4546 Compute the Variable Costing Unit Product Cost47Year 1Year 248 Direct materials49 Direct labor50 Variable manufacturing overhead51 Variable costing unit product cost???5253 Construct the Variable Costing Income Statement54Year 1Year 255 Sales56 Variable expenses:57 Variable cost of goods soldVariable selling and administrative expenses59 Contribution margin60 Fixed expenses:?58???Fixed manufacturing overheadFixed selling and administrative expenses63 Net operating income61?62????Chapter 6 Form Download the Applying Excel form and enter formulas in all cells that contain question marks.For example, in cell B26 enter the formula "= B17".After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the numbers in Review Problem 1.The LIFO inventory flow assumption is used throughout the problem.Check your worksheet by changing the units sold in the Data to 6,000 for Year 2. The cost of goods sold under absorption costing for Year 2 should now be $240,000. If itisn't, check cell C41. The formula in this cell should be =IF(C26

In Variable Costing Income Statement, fixed production Overhead cost are considered period cost and…

Data Selling price per unit Manufacturing costs: Variable per unit produced: Direct materials $50 $1 $6 $3 Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable per unit sold Fixed per year $120,000 $4 $70,000 Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year 10,000 6,000 8,000 8,000 Enter a formula into each of the cells marked with a ? below Review Problem 1: Contrasting Variable and Absorption Costing

Data Selling price per unit Manufacturing costs: Variable per unit produced: Direct materials $50 $1 $6 $3 Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable per unit sold Fixed per year $120,000 $4 $70,000 Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year 10,000 6,000 8,000 8,000 Enter a formula into each of the cells marked with a ? below Review Problem 1: Contrasting Variable and Absorption Costing

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter7: Inventory Cost Flow Assumptions (fifolifo)

Section: Chapter Questions

Problem 3R

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Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
Can you sse the image attached (the data table ) to repare a step by step perpetual inventory record using, FIFO, LIFO, and weighted-average inventory 4 costing methods, and /determine cost of goods sold and ending merchandise inventory for each method. Also show me the formulas and step by step how to do it for each +make sure to display 2 decimal places for weighted average unit and total cost please.
A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for personal use during the exam. a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1).b) Prepare the journal entries to record sales transactions on May 7 and 19. All sales were on account c) If the retailer uses a periodic inventory and Average cost method to value its inventory and cost of goods sold. Calculate the cost of goods sold for the month of May. Instructions: Write you answers by…
Please refer to the picture below for the information. Kindly use a TABLE or MS Excel in showing the complete solution. Thank you so much. Question: Using specific identification costing method, (assuming the ending inventory comes from Dec. 5 purchases, 1,300 units and Dec. 22 purchases, 1,700 units) what is the amount of inventory as of December 31? and Using Periodic system and LIFO method, what is the amount of inventory as of December 31, respectively? Choices for specific identification costing method: a. P59,010. b. P60, 210. c. P60,900. d. P57,000 Choices for Periodic system and LIFO method: a. P59,000. b. P57,000. c. P61,600. d. P60, 210
A home improvement store, like Lowe’s, carries the following items:Required:1. Compute the total cost of inventory.2. Determine whether each inventory item would be reported at cost or net realizable value. Multiply the quantity of each inventory item by the appropriate cost or NRV amount and place the total in the “Lower of Cost and NRV” column. Then determine the total of that column.3. Compare your answers in requirement 1 and requirement 2 and then record any necessary adjustment to write down inventory from cost to net realizable value.4. Discuss the financial statement effects of using lower of cost and net realizable value to report inventory.
Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…
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Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Next Visit question map
Take me to the text a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes.Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 #1 Purchase from AAA Co. 600 $6,600.00 Answer $Answer Answer $Answer #2 Sale to SSS Co. Answer $Answer Answer $Answer 300 $3,300.00 #3 Sale to TTT Co. Answer $Answer 150 $Answer Answer $Answer #4 Purchase from BBB Co. 70 $1,400.00 Answer $Answer Answer $Answer #5 Sale to UUU Co. Answer $Answer 30 $Answer Answer $Answer b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.? COGS = $Answer c) If the specific identification method had…
Solve the problem using the information given in the table and the first- in, first-out inventory method. Round to the nearest dollar. Determine the cost of ending inventory. The chart is attached. I just need to know HOW to get the answer I gave below. ($312)
Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.