Complete EX 8-3 Budget performance report using the attached Excel template.?WRDFinMan14e_EX8-037.xlsx
The attachment Template is below.
Complete EX 8-3 Budget performance report using the attached Excel template.
Ex. 22(8)-3
Exercise 22(8)-3 | ||||||||||||||||||||||||||||||||||
Name: | 0 | |||||||||||||||||||||||||||||||||
Section: | # N-box Incorrects due to blanks COUNTIF(B15:AT24," ") | |||||||||||||||||||||||||||||||||
28 | ||||||||||||||||||||||||||||||||||
Score: | 0% | # N-box +B-box corrects COUNTIF(B15:AT24," ") | ||||||||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||||||||
Key Code: | [Key code here] | Total SUM(AD13:AD15) | ||||||||||||||||||||||||||||||||
Instructions | 28 | |||||||||||||||||||||||||||||||||
Answers are entered in the cells with gray backgrounds. | Percentage =(AD16-AD13-AD14)/AD16 | |||||||||||||||||||||||||||||||||
Cells with non-gray backgrounds are protected and cannot be edited. | 0% | |||||||||||||||||||||||||||||||||
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. | Notes: | |||||||||||||||||||||||||||||||||
If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " " | ||||||||||||||||||||||||||||||||||
If number-entry or blank-entry box is incorrect, returns "*" | ||||||||||||||||||||||||||||||||||
A. | If number-entry or blank-entry box is correct, returns single space, " " | |||||||||||||||||||||||||||||||||
Genie in a Bottle Company | Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct. | |||||||||||||||||||||||||||||||||
Manufacturing Cost Budget | Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color. | |||||||||||||||||||||||||||||||||
For the Month Ended July 31 | ||||||||||||||||||||||||||||||||||
Cost per Batch of 100 | Standard Cost at Planned Volume (400,000 bottles) | |||||||||||||||||||||||||||||||||
Batches of 100 | ||||||||||||||||||||||||||||||||||
´ | ||||||||||||||||||||||||||||||||||
Manufacturing costs: | ||||||||||||||||||||||||||||||||||
Direct labor | ||||||||||||||||||||||||||||||||||
Direct materials | ||||||||||||||||||||||||||||||||||
Factory overhead | ||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||
B. | ||||||||||||||||||||||||||||||||||
Genie in a Bottle Company | Accounts Receivable | |||||||||||||||||||||||||||||||||
Manufacturing Costs¾Budget Performance Report | Accounts Payable | |||||||||||||||||||||||||||||||||
For the Month Ended July 31 | ||||||||||||||||||||||||||||||||||
Actual Costs | Standard Cost at Actual Volume (406,000 bottles) | Cost Variance | ||||||||||||||||||||||||||||||||
(Favorable) Unfavorable | ||||||||||||||||||||||||||||||||||
Batches of 100 | Cost per Batch of 100 | Materials inventory, May 1, 2014 | ||||||||||||||||||||||||||||||||
Manufacturing costs: | ´ | |||||||||||||||||||||||||||||||||
Direct labor | Mark Sears: Enter a formula of total units divided by batch size | Mark Sears: Enter a formula of total units divided by batch size | ||||||||||||||||||||||||||||||||
Direct materials | Cost of goods manufactured | |||||||||||||||||||||||||||||||||
Factory overhead | Cost of materials available for use | |||||||||||||||||||||||||||||||||
Total | Miscellaneous cost | |||||||||||||||||||||||||||||||||
Property taxes | ||||||||||||||||||||||||||||||||||
Supplies | ||||||||||||||||||||||||||||||||||
C. | ||||||||||||||||||||||||||||||||||
[Key essay answer here] | ||||||||||||||||||||||||||||||||||
Finished goods inventory, May 1, 2014 | ||||||||||||||||||||||||||||||||||
Finished goods inventory, May 31, 2014 | ||||||||||||||||||||||||||||||||||
Materials inventory, May 1, 2014 | ||||||||||||||||||||||||||||||||||
Sol
Exercise 22(8)-3 | |||||||||||||
Name: | Solution | ||||||||||||
Section: | |||||||||||||
Score: | ON | ||||||||||||
Instructions | |||||||||||||
Answers are entered in the cells with gray backgrounds. | |||||||||||||
Cells with non-gray backgrounds are protected and cannot be edited. | |||||||||||||
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. | |||||||||||||
A. | |||||||||||||
Genie in a Bottle Company | |||||||||||||
Manufacturing Cost Budget | |||||||||||||
For the Month Ended July 31 | |||||||||||||
Cost per Batch of 100 | Standard Cost at Planned Volume (400,000 bottles) | ||||||||||||
Batches of 100 | |||||||||||||
´ | |||||||||||||
Manufacturing costs: | |||||||||||||
Direct labor | 4,000 Mark Sears: Enter a formula of total units divided by batch size |
$2.00 | $ 8,000 | ||||||||||
Direct materials | 4,000 | $9.10 | 36,400 | ||||||||||
Factory overhead | 4,000 | $0.55 | 2,200 | ||||||||||
Total | $ 46,600 | ||||||||||||
B. | |||||||||||||
Genie in a Bottle Company | |||||||||||||
Manufacturing Costs¾Budget Performance Report | |||||||||||||
For the Month Ended July 31 | |||||||||||||
Actual Costs | Standard Cost at Actual Volume (406,000 bottles) | Cost Variance | |||||||||||
(Favorable) Unfavorable | |||||||||||||
Batches of 100 | Cost per Batch of 100 | ||||||||||||
Manufacturing costs: | ´ | ||||||||||||
Direct labor | $ 7,540 | 4,060 Mark Sears: Enter a formula of total units divided by batch size |
Mark Sears: Enter a formula of total units divided by batch size | $2.00 | $ 8,120 | $ (580) | |||||||
Direct materials | 35,750 | 4,060 | $9.10 | 36,946 | (1,196) | ||||||||
Factory overhead | 2,680 | 4,060 | $0.55 | 2,233 | 447 | ||||||||
Total | $ 45,970 | $ 47,299 | $ (1,329) | ||||||||||
C. | |||||||||||||
Genie in a Bottle Company’s actual costs were $1,329 less than budgeted. Favorable direct labor and direct material cost variances more than offset a small unfavorable factory overhead cost variance. | |||||||||||||
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