Sample Excel Model Instructions:

Prarie Company is a manufacturer. They are preparing a budget of Cost of Goods Sold for next period. Create an excel model to calculate the requirements listed below. Put all given data in a section of your spreadsheet that is separate from your calculations. This is called the "input section" of your spreadsheet. When you create your formulas you should reference this input section rather than coding numbers directly into formulas. Once you are done with your model, go into webcourses and take the quiz based on the model. You need to have your model open on the computer screen in addition to the Webcourses quiz. The first quiz, part "a", will ask you questions on the base scenario given below. The second quiz, or part "b" will then ask you to change some of the inputs to the model and put your newly calculated answers into the quiz. You will only have a short time to complete the quiz. You won't know what the revised inputs are until you see the quiz question. If an input number isn't specifically mentioned as far as changing it to a new number, you should use the data from the base scenario below. Remember there are Excel tutorial links on the main Webcourses page. PLEASE VIEW THE TEGRITY VIDEO THAT SHOWS THE INSTRUCTIONS FOR HOW TO CREATE YOUR MODEL AND TAKE THE ASSESSMENTS. The solution to this model is on the next worksheet tab.

Input Data: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Purchases of Direct Material Direct Labor Hours Incurred Direct Labor Rate Overhead rate per DL hour Beg of Year End of Year 26000 28000 35000 37000 14000 20000 68000 1000 20 50

Calculate the following : Raw Materials Used Direct Labor Costs Applied Overhead Total Manufacturing Costs placed into WIP Cost of Goods Manufactured Cost of Goods Available for sale

Cost of goods Sold Hint: If you create a Cost of Goods Manufactured Schedule And a Cost of Goods Sold Schedule you should have all these numbers.

Input Data: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Purchases of Direct Material Direct Labor Hours Incurred Direct Labor Rate Overhead rate per DL hour Beg of Year End of Year 26000 28000 35000 37000 14000 20000 68000 1000 20 50

Cost of Goods Manufactured: Beginning WIP Beginning Raw Materials Inventory Plus Purchases Less Ending Inventory Equals Raw Materials Used Direct Labor Costs Applied Overhead Total Manufacturing Costs placed into WIP Less ending WIP Cost of Goods Manufactured Cost of Goods Sold: Beginning Finished Goods Plus Cost of Goods Manufactured Equals Cost of Goods Available for Sale Less Ending Finished Goods Inventory Equals Cost of Goods Sold $ $ $ $ 26,000.00 68,000.00 28,000.00 66,000.00

$ 35,000.00

$ 20,000.00 $ 50,000.00 $ 136,000.00 $ 37,000.00 $ 134,000.00

$ 14,000.00 $ 134,000.00 $ 148,000.00 $ 20,000.00 $ 128,000.00

ORIGINAL DATA, FOR REFERENCE ONLY. Beg of Year End of Year Raw Materials Inventory 26000 28000 Work in Process Inventory 35000 37000 Finished Goods Inventory 14000 20000 Purchases of Direct Material Direct Labor Hours Incurred Direct Labor Rate Overhead rate per DL hour 68000 1000 20 50