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 page if the template requires more than one page. Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages. 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 Title" 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. 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 "Values," "Amounts," 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. Where a yellow highlighted cell shows titles such as "Formula" 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.

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 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. 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 98052-6399

sistent presentation.

Name: Instructor: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
E15-1 - Prepare entries for factory labor.

Date: Course:

The gross earnings of the factory workers for Vargas Company during the month of January are $66,000 The employers payroll taxes for the factory payroll are $8,000 The fringe benefits to be paid by the employer on this payroll are $6,000 Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor. Instructions: (a) Prepare the entry to record the factory labor costs for the month of January. Account title Amount Account title Account title Account title (b) Prepare the entry to assign factory labor to production. Account title Account title Account title

Amount Amount Amount

Amount Amount Amount

205466761.xlsx.ms_office, Exercise E15-1, Page 4 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
E15-5 - Compute the manufacturing overhead rate and under- or overapplied overhead.

Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours. For the year of overhead costs are incurred and $342,000 130,000 machine hours are used. Instructions: (a) Compute the manufacturing overhead rate for the year. Amount Number = Formula per machine hour

(b) What is the amount of under- or overapplied overhead at December 31? Actual machine hours: Standard rate: Title Title Title Number Amount Formula Amount Formula

(c) Assuming the under- or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold. Account title Account title Amount Amount

205466761.xlsx.ms_office, Exercise E15-5, Page 5 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
E15-9 - Prepare a cost of goods manufactured schedule and partial financial statements.

At May 31, 2012, the accounts of Mantle Manufacturing Company show the following. Finished goods, May 1 $12,600 1. May 1 Work in process, May 1 14,700 Raw materials, May 1 8,200 Finished goods, May 31 $9,500 2. May 31 Work in process, May 31 17,900 Raw materials, May 31 7,100 3. Debit postings to work in process were: Direct materials $62,400 Direct labor 50,000 Manufacturing overhead applied 40,000 4. Sales totaled $210,000 Instructions: (a) Prepare a condensed cost of goods manufactured schedule. MANTLE MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2012 Title Title Title Title Title Title Less: Title Title (b) Prepare an income statement for May through gross profit. MANTLE MANUFACTURING COMPANY (Partial) Income Statement For the Month Ended May 31, 2012 Title Title Title Title Title Title Title Title Amount Amount Amount Formula Amount Formula Formula Amount Amount Amount Amount Formula Formula Amount Formula

205466761.xlsx.ms_office, Exercise E15-9, Page 6 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2012. Enter text answer here.

205466761.xlsx.ms_office, Exercise E15-9, Page 7 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
P15-3A - Prepare entries in a job order cost system and cost of goods manufactured schedule.

Stellar Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2012, the general ledger for Stellar Inc. contains the following data. Raw Materials Inventory $4,200 Manufacturing Overhead Applied $32,640 Work in Process Inventory $5,540 Manufacturing Overhead Incurred $31,650 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Gannon Rosenthal Direct materials $600 $800 Direct labor 320 540 Manufacturing overhead 400 675 $1,320 $2,015

Linton $900 580 725 $2,205

During June, raw materials purchased on account were $4,900 and all wages were paid. Additional overhead costs consisted of depreciation on equipment $700 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Materials Requisition Slips Time Tickets Gannon $800 $450 Koss 2,000 800 Rosenthal 500 360 Linton 1,300 1,200 Gannon 300 390 4,900 3,200 General use 1,500 1,200 $6,400 $4,400 Overhead was assigend to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Gannon, Rosenthal, and Linton were completed during June and sold for a total of $18,900 Each customer paid in full. Instructions: (a)(i)(a) Journalize the June transactions for purchase of raw materials. Account title Account title Amount Amount

(a)(i)(b) Journalize the June transactions for factory labor costs incurred. Account title Account title Amount Amount

205466761.xlsx.ms_office, Problem P15-3A, Page 8 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting , Fourth Edition Kimmel, Weygandt, and Kieso overhead costs incurred. (a)(i)(c) Journalize the June by transactions for manufacturing Account title Account title Account title (a)(ii)(a) Journalize the June transactions for the assignment of direct materials. Account title Account title Account title Amount Amount Amount Amount Amount Amount

(a)(ii)(b) Journalize the June transactions for the assignment of direct labor. Account title Account title Account title Amount Amount Amount

(a)(ii)(c) Journalize the June transactions for the assignment of overhead to production. Account title Account title (a)(iii)(a) Journalize the June transactions for the completion of jobs. Account title Account title Job Gannon Rosenthal Linton Direct Material Amount Amount Amount Direct Labor Amount Amount Amount Amount Amount Manufacturing Overhead Formula Formula Formula Total Costs Formula Formula Formula Formula Amount Amount

(a)(iii)(b) Journalize the June transactions for the sale of goods. Account title Account title Account title Account title Amount Amount Amount Amount

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Name: Instructor: Accounting , Fourth Kimmel, Weygandt, (b) Post the entries toEdition Work by in Process Inventory. and Kieso

Date: Course:

06/01/12 Balance Title Title Title 06/30/12 Balance

Work in Process Inventory Amount 06/30/12 Title Amount Amount Amount Formula

Amount

(c) Reconcile the balance in Work in Process Inventory with the costs of unfinished goods. Work in Progress Inventory Koss Title Title Title Amount Amount Amount Amount

Formula

(d) Prepare a cost of goods manufactured schedule for June. STELLAR INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2012 Work in process, June 1 Title Amount Title Amount Title Amount Total manufacturing costs Title Less: Work in process, June 30 Title

Amount

Formula Formula Amount Formula

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Name: Instructor: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
P15-5A - Analyze manufacturing accounts and determine missing amounts.

Date: Course:

Rodman Corporations fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Raw Materials Inventory 12/31/12 Requisitions (a) 19,225 7,975 Work in Process Inventory 12/31/12 Jobs complete (b) (c) 8,800 (d) (e) Finished Goods Inventory 12/31/12 COGS (g) (h) (j) Factory Labor 12/31/12 12,025

12/01/12 BB 12/31/12 Purchases 12/31/12 EB

16,850

12/01/12 12/31/12 12/31/12 12/31/12 12/31/12

BB DM DL Overhead EB

(f)

12/01/12 BB 12/31/12 Completed jobs 12/31/12 EB

(i)

12/31/12 Factory wages

Wages assigned

(k)

12/31/12 Ind matls 12/31/12 Ind labor 12/31/12 Oth overhead

Manufacturing Overhead 12/31/12 Ovrhd applied 1,900 (l) 1,245

(m)

Other data: 1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,750 and direct labor costs of $15,000 Overhead was applied at a rate that was 75% of direct labor costs. 2. During December, Job No. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $3,800 and direct labor $4,800 plus manufacturing overhead. All jobs, except Job No. 158, were completed in December. $5,000 On 3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,000 $230 overapplied in December. 4. Manufacturing overhead was Instructions: List the letters (a) through (m) and indicate the amount pertaining to each letter. Formula Text or formula as desired (a) Formula Text or formula as desired (b) Formula Text or formula as desired (c) Formula Text or formula as desired (d) Formula Text or formula as desired (e) Formula Text or formula as desired (f) Formula Text or formula as desired (g) Formula Text or formula as desired (h) Formula Text or formula as desired (i) Formula Text or formula as desired (j) Formula Text or formula as desired (k) Formula Text or formula as desired (l) Formula Text or formula as desired (m)

205466761.xlsx.ms_office, Problem P15-5A, Page 11 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
P15-3B - Prepare entries in a job order cost system and cost of goods manufactured schedule.

Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2012, his ledger contains the following data. Raw Materials Inventory $30,000 Work in Process Inventory $12,200 Manufacturing Overhead (debit) $2,500 The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000 Subsidiary data for Work in Process on May 1 include: Job Cost Sheets Job by Customer Direct materials Direct labor Mfg Ovrhd Stiner $2,500 $2,000 $1,400 Alton 2,000 1,200 840 Herman 900 800 560 $5,400 $4,000 $2,800 During May, the following costs were incurred: (a) Raw materials purchased on account $4,000 (b) Labor paid $7,000 (c) Manufacturing overhead paid $1,400 A summary of materials requisition slips and time tickets for the month of May reveals the following. Job by Customer Materials Requisition Slips Time Tickets Stiner $500 $400 Alton 600 1,000 Herman 2,300 1,300 Smith 1,900 2,300 5,300 5,000 General use 1,500 2,000 $6,800 $7,000 Overhead was charged to jobs on the basis of $0.70 per dollar of direct labor cost. The jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three jacuzzis were sold for a total of $36,000 Instructions: (a)(i)(a) Journalize the May transactions for purchase of raw materials. Account title Account title Amount Amount

(a)(i)(b) Journalize the May transactions for factory labor costs incurred. Account title Account title Amount Amount

205466761.xlsx.ms_office, Problem P15-3B, Page 12 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting , Fourth Edition Kimmel, Weygandt, and Kieso overhead costs incurred. (a)(i)(c) Journalize the May by transactions for manufacturing Account title Account title Amount Amount

(a)(ii)(a) Journalize the May transactions for the assignment of direct materials. Account title Account title Account title Amount Amount Amount

(a)(ii)(b) Journalize the May transactions for the assignment of direct labor. Account title Account title Account title Amount Amount Amount

(a)(ii)(c) Journalize the May transactions for the assignment of overhead to production. Account title Account title (a)(iii)(a) Journalize the completion of the jobs. Account title Account title Job Stiner Alton Herman Direct Materials Amount Amount Amount Direct Labor Amount Amount Amount Amount Amount Manufacturing Overhead Formula Formula Formula Total Costs Formula Formula Formula Formula Amount Amount

(a)(iii)(b) Journalize the May transactions for the sale of goods. Account title Account title Account title Account title Amount Amount Amount Amount

205466761.xlsx.ms_office, Problem P15-3B, Page 13 of 15 Page(s), 1/21/20149:10 AM

Name: Instructor: Accounting , Fourth Kimmel, Weygandt, (b) Post the entries toEdition Work by in process inventory. and Kieso

Date: Course:

Balance Title Title Title 5/31/2012 Balance

5/1/12

Work in Process Inventory Amount 5/31/12 Title Amount Amount Amount Formula

Amount

(c) Reconcile the balance in Work in process Inventory with the costs of unfinished goods. Work in Progress Inventory Smith Title Title Title Amount Amount Amount Amount

Formula

(d) Prepare a cost of goods manufactured schedule for May. ROBERT PEREZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2012 Work in process, May 1 Title Amount Title Amount Title Amount Total manufacturing costs Title Less: Account title Title

Amount

Formula Formula Amount Formula

205466761.xlsx.ms_office, Problem P15-3B, Page 14 of 15 Page(s), 1/21/20149:10 AM

Name: Date: Instructor: Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
P15-5B - Analyze manufacturing accounts and determine missing amounts.

Bell Companys fiscal year ends on June 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Raw Materials Inventory 07/31/12 Requisitions 19,000 90,400 (b) Work in Process Inventory 07/31/12 Jobs complete (c) 80,000 (d) (e) (g) Finished Goods Inventory 07/31/12 COGS (h) (i) (k) Factory Labor 07/31/12 (l)

07/01/12 BB 07/31/12 Purchases 07/31/12 EB

(a)

07/01/12 07/31/12 07/31/12 07/31/12 07/31/12

BB DM DL Overhead EB

(f)

07/01/12 BB 07/31/12 Completed jobs 07/31/12 EB

(j)

07/31/12 Factory wages

Wages assigned

(m)

07/31/12 Ind matls 07/31/12 Ind labor 07/31/12 Oth overhead

Manufacturing Overhead 07/31/12 Ovrhd applied 8,900 16,000 (n)

117,000

Other data: $19,000 and 1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $8,200 respectfully. 2. During July, Job No. 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials $2,000 and direct labor $1,500 plus manufacturing overhead. Manufacturing overhead was applied at the rate of 130% of direct labor cost. $145,000 was in the finished goods warehouse. On July 31, Job No. 4088, 3. On July 1, Job No. 4084, costing costing $138,000 was in finished goods. $3,000 underapplied in July. 4. Overhead was Instructions: List the letters (a) through (n) and indicate the amount pertaining to each letter. Formula Text or formula as desired (a) Formula Text or formula as desired (b) Formula Text or formula as desired (c) Formula Text or formula as desired (d) Formula Text or formula as desired (e) Formula Text or formula as desired (f) Formula Text or formula as desired (g) Formula Text or formula as desired (h) Formula Text or formula as desired (i) Formula Text or formula as desired (j) Formula Text or formula as desired (k) Formula Text or formula as desired (l) Formula Text or formula as desired (m) Formula Text or formula as desired (n)

205466761.xlsx.ms_office, Problem P15-5B, Page 15 of 15 Page(s), 1/21/20149:10 AM