E1-1Name:SolutionSection:Exercise 1-1The variances for kitchen wages and utilities were favorable for September, whereasthe variances for food and supplies were unfavorable. On a year-to-date basis, theonly expense that did not have the same pattern as September was utilities, which hada $120 F variance for the month, but an $850 U year-to-date variance.

E1-7Name:SolutionSection:When subtotals and totals are correct the cell will change to green.Exercise 1-7a.Valley View Manufacturing Co.Statement of Cost of Goods ManufacturedFor the Month Ended January 31, 20--Materials:Inventory, January 1$25,000Purchases21,000Total cost of available materials$46,000Less inventory, January 3122,000Cost of materials used$24,000Less indirect materials used1,000Cost of direct materials used in production$23,000Direct labor18,000Factory overhead:Indirect materials$1,000Indirect labor3,000Other8,000Total factory overhead12,000Total manufacturing cost$53,000Add work in process inventory, January 124,000$77,000Less work in process inventory, January 3120,000Cost of goods manufactured$57,000b.Cost of goods sold:Finished goods inventory, January 1$32,000Add cost of goods manufactured57,000Goods available for sale$89,000Less finished goods inventory, January 3130,000Cost of goods sold$59,000

Cost of materials used includes both direct and indirect materials when the company uses one materials account.When the actual overhead and the applied overhead don't equal an adjustment must be made to convert the actual to applied.This should represent only direct materials debited to work-in-process during the period.This is the amount of the debit into finished goods and the credit into work-in-process for completed products.CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.This statement reconciles three accounts: materials, work-in-process and manufacturing overhead.Enter all amounts as positive values in this column

E1-9Name:SolutionSection:When subtotals and totals are correct the cell will change to green.Exercise 1-9a.Direct materials used during the period$205,000Add inventory of direct materials at the end of the period95,000Direct materials available during the period$300,000Less inventory of direct materials at the beginning of theperiod90,000Direct materials purchased during the period$210,000b.Total manufacturing costs incurred during the period$675,000Less: Direct materials used$205,000Factory overhead incurred175,000380,000Direct labor costs incurred during the period$295,000c.Cost of goods available for sale$775,000Less finished goods inventory at the end of the period75,000Cost of goods sold during the period$700,000d.Sales$900,000Cost of goods sold700,000Gross profit$200,000

CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.Enter all amounts as positive values

P1-1Name:SolutionSection:When subtotals and totals are correct the cell will change to green.Problem 1-1Saito's Sushi BarPerformance Report - Dining RoomFebruary 28, 2013BudgetedActualVarianceYear-to-Year-to-Year-to-ExpenseFebruaryDateFebruaryDateFebruaryDateDining room wages$4,150$8,450$4,400$9,100$(250)$(650)Laundry and housekeeping1,5003,1501,4003,000100150Utilities2,0504,2502,1004,450(50)(200)Depreciation1,5003,0001,5003,00000Total$9,200$18,850$9,400$19,550$(200)$(700)UnfavorableUnfavorable

The variance is a measure between what was budgeted for the month and the actual amount incurred for the month. Budget - Actual = Negative = Unfavorable Budget - Actual = Positive = FavorableThis is a year-to-date variance.Budget - Actual = Negative = Unfavorable Budget - Actual = Positive = FavorableRemember this year-to-date would include the amount budgeted for both January and February.CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.Select from drop-down listSelect from drop-down list

P1-2Name:SolutionSection:When subtotals and totals are correct the cell will change to green.Problem 1-21.Merchandise inventory, April 1$38,000Plus purchases121,000Merchandise available for sale$159,000Less merchandise inventory, April 3033,000Cost of goods sold$126,0002.Finished goods, April 1$67,000Plus cost of goods manufactured287,000Finished goods available for sale$354,000Less finished goods, April 3061,000Cost of goods sold$293,000

CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.

P1-4Name:SolutionSection:When subtotals and totals are correct the cell will change to green.Problem 1-41.Kokomo Furniture CompanyStatement of Cost of Goods ManufacturedFor the Month Ended November 30, 2013Direct materials:Inventory, November 1$0Purchases33,000Total cost of available materials$33,000Less inventory, November 307,400Cost of materials used$25,600Less indirect materials used1,400Cost of direct materials used$24,200Direct labor18,500Factory overhead:Indirect materials$1,400Indirect labor4,300Depreciation of building3,000Depreciation of machinery and equipment2,200Utilities2,750Total factory overhead13,650Cost of goods manufactured during the month$56,3502.Kokomo Furniture CompanyIncome StatementFor the Month Ended November 30, 2013Sales$68,300Cost of goods sold:Finished goods inventory, November 1$0Add cost of goods manufactured56,350Goods available for sale$56,350Less finished goods inventory, November 3013,90042,450Gross profit on sales$25,850Selling and administrative expenses15,200Net income$10,6503.Kokomo Furniture CompanyBalance SheetNovember 30, 2013AssetsCurrent assets:Cash$21,800Accounts receivable16,200Inventories:Finished goods$13,900Work in process0Materials7,40021,300Total current assets$59,300Plant and equipment:Building$300,000Less accumulated depreciation3,000$297,000Machinery and equipment$88,000Less accumulated depreciation2,20085,800Total plant and equipment382,800Total assets$442,100Liabilities and Stockholder's EquityCurrent liabilities:Accounts payable$8,900Stockholder's equity:Capital stock$422,550Retained earnings10,650Total stockholder's equity433,200Total liabilities and stockholder's equity$442,100

CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.

P1-8Name:SolutionSection:When subtotals and totals are correct the cell will change to green.Problem 1-81.Dennis Manufacturing CompanyStatement of Cost Of Goods ManufacturedFor the Month Ended July 31, 20--Materials:Inventory, July 1$20,000Purchases110,000Total cost of available materials$130,000Less inventory, July 3126,000Cost of direct materials used in production$104,000Direct labor160,000Factory overhead80,000Total manufacturing cost$344,000Add work in process inventory, July 140,000Add work in process inventory, July 1Total384,000Less work in process inventory, July 1Less work in process inventory, July 3136,000Add work in process inventory, July 31Cost of goods manufactured$348,000Less work in process inventory, July 312.Dennis Manufacturing CompanySchedule to Compute Prime CostFor the Month Ended July 31, 20--Direct materials used$104,000Direct labor incurred160,000Prime cost incurred during July$264,0003.Dennis Manufacturing CompanySchedule to Compute Conversion CostFor the Month Ended July 31, 20--Direct labor incurred$160,000Factory overhead80,000Conversion cost incurred during July$240,000

CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.

P1-9Name:SolutionSection:When amounts are correct the cell will change to greenProblem 1-9Manlius Manufacturing Co.Statement of Cost of Goods ManufacturedFor the Year Ended December 31, 2013Direct materials used$370,000Direct labor360,000Add work in process inventory, January 1Factory overhead270,000Add work in process inventory, December 31Total manufacturing cost$1,000,000Less work in process inventory, January 1Add work in process inventory, January 120,000Less work in process inventory, December 31Subtotal$1,020,000Less work in process inventory, December 3150,000Cost of goods manufactured$970,000

CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.

P1-10Name:SolutionSection:When subtotals and totals are correct the cell will change to greenProblem 1-101.Job 101Job 102Job 103Job 104TotalDirect materials$2,200$5,700$7,100$1,700$16,700Direct labor2,7006,8009,2002,10020,800Factory overhead1,2002,0003,8001,0008,000Total$6,100$14,500$20,100$4,800$45,5002.GENERAL JOURNALAccount TitlesDebitCredita.Materials37,000Accounts Payable37,000b.Work in Process16,700Factory Overhead1,350Materials18,050c.Payroll23,050Wages Payable23,050Accounts PayableWork in Process20,800Accounts ReceivableFactory Overhead2,250Accumulated Depreciation - MachineryPayroll23,050Cost of Goods SoldFactory Overheadd.Factory Overhead2,400Finished GoodsAccounts Payable2,400MaterialsPayrolle.Factory Overhead2,000SalesAccumulated Depreciation - Machinery2,000Wages PayableWork in Processf.Work in Process8,000Factory Overhead8,000g.Finished Goods40,700Work in Process40,700h.Accounts Receivable39,000Sales39,000Cost of Goods Sold20,600Finished Goods20,600CompletedBilledJob 101$$6,100$$6,100Job 102$14,500$14,500Job 103$20,1000.0$$40,700$$20,6003.Added to work in process:Direct materials$16,700Direct labor20,800Factory overhead8,000Total$45,500Transferred to finished goods40,700Balance (represented by the cost of Job 104)$4,8004.Added to finished goods$40,700Less costs of goods sold20,600Balance (represented by the cost of Job 103)$20,100

CAUTION: when copying formulas from one cell to another be sure to copy, paste special and check formulas.