Please include the excel formulas as well. Thanks! :) 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 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

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Chapter 6: Applying Excel Data Selling price per unit Manufacturing costs: Variable per unit produced: $50 Direct materials $11 Direct labor $6 $3 Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: $120,000 Variable per unit sold $4 Fixed per year $70,000 Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year 10,000 8,000 6,000 8,000 Enter a formula into each of the cells marked with a ? below Review Problem 1: Contrasting Variable and Absorption Costing Compute the Ending Inventory Year 1 Year 2 Units in beginning inventory Units produced during the year Units sold during the year Units in ending inventory ? ? Compute the Absorption Costing Unit Product Cost Year 1 Year 2 Direct materials ? ? Direct labor Variable manufacturing overhead Fixed manufacturing overhead Absorption costing unit product cost Construct the Absorption Costing Income Statement Year 1 Year 2 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income ? ? ? ? ? Compute the Variable Costing Unit Product Cost Year 1 Year 2 Direct materials Direct labor Variable manufacturing overhead Variable costing unit product cost ? ? ? Construct the Variable Costing Income Statement Year 1 Year 2 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses Net operating income ? ? ? ? ? ? ? ?

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q