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					               Name:                                                                             Date:
           Instructor:                                                                         Course:
Managerial Accounting, 3rd Edition, by Weygandt, Kieso, and Kimmel
Solving Managerial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse
Problem P11-2A, Soriano Manufacturing Company uses a standard cost accounting system to account for the manufacture of exhaust fans.
In July 2005, it accumulates the following data relative to              1,500     units started and finished.
                                         Cost and Production Data       Actual          Standard
                                       Raw materials
                                       Units purchased                     17,400
                                       Units used                          17,400               18,000
                                       Unit cost                            $3.40                $3.00
                                       Direct labor
                                       Hours worked                         2,900                3,000
                                       Hourly rate                         $11.80               $12.20
                                       Manufacturing overhead
                                       Incurred                           $87,500
                                       Applied                                                 $93,750
Manufacturing overhead was applied on the basis of direct labor hours. Normal capacity for the month was             2,800 direct labor
hours. At normal capacity, budgeted overhead costs were                 $20.00         per labor hour variable and  $11.25 per labor
hour fixed. Total budgeted fixed overhead costs were                   $31,500
Jobs finished during the month were sold for              $240,000      Selling and administrative expenses were   $25,000

Instructions:
(a) Compute all of the variances for (1) direct materials, (2) direct labor, and (3) manufacturing overhead.

             Total materials variance:
                       (     Title           X              Title              ) - (          Title             X        Title   )
                       ( Formula             X            Formula              ) - (        Formula             X      Formula   )

                            Formula           -           Formula               =           Formula            Text

             Materials price variance:
                        (    Title           X              Title              ) - (          Title             X        Title   )
                        ( Formula            X            Formula              ) - (        Formula             X      Formula   )

                            Formula           -           Formula               =           Formula            Text

             Materials quantity variance:
                        (   Title         X                 Title              ) - (          Title             X        Title   )
                        ( Formula         X               Formula              ) - (        Formula             X      Formula   )

                            Formula           -           Formula               =           Formula            Title

             Total labor variance:
                        (    Title           X              Title              ) - (          Title             X        Title   )
                        ( Formula            X            Formula              ) - (        Formula             X      Formula   )

                            Formula           -           Formula               =           Formula            Text

             Labor price variance:
                       (     Title           X              Title              ) - (          Title             X        Title   )
                       ( Formula             X            Formula              ) - (        Formula             X      Formula   )
                                                                           .
                            Formula           -           Formula               =           Formula            Title

             Labor quantity variance:
                      (     Title            X             Title               ) - (         Title              X       Title    )
                      ( Amount               X            Amount               ) - (        Amount              X      Amount    )

                            Formula           -           Formula               =           Formula            Text

             Total overhead variance:
                       (    Title             -            Title       )
                       ( Amount               -           Amount       )

                                                                           Formula            Text




                FileName: 65f2cd52-5a36-4c2c-a861-e23c6a4ff053.xls, Tab: Problem P11-2A, Page 1 of 3, 11/30/2010, 12:37 PM
              Name:                                                                        Date:
          Instructor:                                                                    Course:
Managerial Accounting, 3rd Edition, by Weygandt, Kieso, and Kimmel
           Overhead controllable variance:
                    (    Title          -             Title     )
                    ( Amount            -            Amount     )
                                                                    .
                                                                    Formula          Text

           Overhead volume variance:
                    (    Title           X     (      Title            -            Title          )
                    ( Amount             X     (     Amount            -           Amount          )

                          Amount         X           Amount           =            Formula             Text

(b) Prepare an income statement for management showing variances. Ignore income taxes.

                                              SORIANO MANUFACTURING COMPANY
                                                        Income Statement
                                                For the Month Ended July 31, 2005
                        Title                                                                          Amount
                        Title                                                                          Formula
                        Title                                                                          Formula
                        Title
                           Title                                                          Amount
                           Title                                                          Amount
                           Title                                                          Amount
                           Title                                                          Amount
                           Title                                                          Amount
                           Title                                                          Amount
                              Title                                                                    Formula
                        Title                                                                          Formula
                        Title                                                                          Amount
                        Title                                                                          Formula




              FileName: 65f2cd52-5a36-4c2c-a861-e23c6a4ff053.xls, Tab: Problem P11-2A, Page 2 of 3, 11/30/2010, 12:37 PM
Instructions for the Microsoft Excel Templates

Detail and information on Excel is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant
and bring up one of several help menus.

Type your name into the cell "D5". This will be copied by formula to the rest of the pages as required.

Type the due date of your problem into cell "I5". This will be copied by formula to the rest of the pages as required.

Type the instructor's name into cell "D6". This will be copied by formula to the rest of the pages as required.

Type the course identifier into cell "I6". This will be copied by formula to the rest of the pages as required.

The problem is identified for you in cell "B7".

In "DATE" cells enter the date in any of several formats and Excel will format it correctly.

If more than one page is preformatted into the problem, page breaks are preset and formulas are
set to copy the header into the remaining pages.

Place the proper account title in the cell where the word "ACCOUNT" appears on the template.

Place the amount in the cell where the word "AMOUNT" appears on the template. A formula may be placed in


Enter a number like 914 to signify units or gallons where the word "NUMBER" appears.

Write a formula into cells where the word "FORMULA" appears. In these cells, an amount calculated outside of


Place the explanation for the entry in the cell where the word "EXPLANATION" appears on the template.

Insert the account number where "ACCT #" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) vice -$400.

Enter a string like: ($259,417 X 12 months) + (0.3651 X 5,434,631) where the word TEXT appears.

				
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