10 Jul 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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