Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Be advised, the template workbooks and worksheets are not protected. Overtyping any data may remove it.
Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text. You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page.

Each template is set to print with File Name, tab name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages. If more than one page is required by the template, manual page breaks have been set to provide consistent presentation. All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells.
In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions. And information or data which may be required by the solution will be entered in cells with borders to help identify them. Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will return January 01, 2010, in the format set in the template. Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been provided or previously entered. Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title without typing it.

Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable, "A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable. Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires. Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.

Microsoft Office and Microsoft Excel are products of. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials. Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number provided in the template and in the text for that step of the challenge. Microsoft Corporation." or something similar to the time-value-of-money formula. an equal sign and a cell reference. "=E27" or more complex as "=E27*5. Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. Washington 98052-6399 ." The print area is defined to fit onto 8 1/2" × 11" sheets in portrait or landscape mode as required. Negative values in formulas can be created by putting a minus sign in front of the cell reference ."=E10*-E11" will return a negative value if both cells E10 and E11 contain positive values. enter them by starting with a minus sign. "-". Margins are generally set to no less than 1/2" so most printers can print them without a problem. One Microsoft Way.Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. These are addressed in the tutorial text provided for Microsoft Excel. This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. These titles can simply be typed over. Negative values may be shown as ($400) or $400. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup." When negative values are required. The formula may be a simple "Look to" formula. In general this will appear in instances such as "Record the following events in General Journal number six. and copyrighted by. Redmond.

004 0.47 130973237.25 Nutrient 1. Exercise E22-2.) Amount Standard Per Unit of Standard Standard Standard Cost Per Gallon Measure Waste Usage Price Gallon Ingredient Grape Concentrate 60.350 0.20 $4.000 54 60 50 50 2.00 0.02/25/13 Name: Martin Lyke Date: Instructor: Karin Ford-Torres Course: FINC405 Accounting.50 Sugar 1.50 0.250 0. and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse E22-2 .42 Lemons 1.ms_office.004 per ounce per pound each each each per ounce 10% of the sugar is lost.350 0.500 ounces of grape concentrate at pounds of granulated sugar at lemons at yeast tablets at nutrient tablets at ounces of water at $0. 2/24/20139:26 PM .600 0.20 0. Instructions: Compute the standard costs of the ingredients for one gallon of wine. Weygandt. 3.00 ounces 0% 50. Fourth Edition by Kimmel. 50 The following are required for production of a -gallon batch.200 0.040 0. (Carry the computations to two decimal places. and he wants to develop a standard cost per gallon.20 each 20% 1.040 $2.xlsx.90 Yeast 1.200 0. and Jim estimates that 4% of the grape concentrate is wasted.00 tablet 0% 1.00 tablet 0% 1. Jim Hetzel manufactures and sells homemade wine. 20% of the lemons cannot be used.00 ounces 4% 62.08 pounds 10% 1.20 Water 50.50 $0.00 0.600 0.Compute standard materials costs.250 0. Page 3 of 11 Page(s).00 0.

00 During the month of April. the company manufactures 230 units and incurs the following actual costs.600 Materials quantity variance = $150.00 Direct labor ( 3 hours at $12.00 Direct labor ( 700 hours) $8.02/25/13 Name: Martin Lyke Date: Instructor: Karin Ford-Torres Course: FINC405 Accounting.750 $4. "AH" for Actual Hours.00 SP $2. has prepared the following standard cost sheet for one unit of the product. Weygandt. "AQ" for Actual Quantity.940 $4.xlsx.940. "SQ" for Standard Quantity.ms_office. Direct materials ( 8 pounds at $2.280 Total labor variance = ($160.900 × × ( SQ AP ) × $2. ( ( AH 700 × × AR ) $11.900 × × ( AQ AP ) × $2.00 per hour) $36. and "SR" for Standard Rate.900 ( pounds) $4. ( ( AQ 1.50 UNF ) ) (2) Compute the materials price variance. "AP" for Actual Price.00 SP $2.60 ) ( 1. "SH" for Standard Hours. Fourth Edition by Kimmel. Exercise E22-7.60 ) $8. ( ( AQ 1. which produces a single product.50 ) ( 1.00) SR $12. "AR" for Actual Rate.50 UNF ) ) (3) Compute the materials quantity variance.600 Total materials variance = $340.840 × $4.00 SP $2.. Page 4 of 11 Page(s). 2/24/20139:26 PM .50 UNF ) ) (4) Compute the total labor variance.900 × × ( SQ SP ) × $2.940 $4.00 FAV ) ) (5) Compute the labor price variance. Shannon Inc.840 × $4. and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse E22-7 .750 Materials price variance = $190. insert "SP" for Standard Price.60 ) ( 1. ( ( AQ 1.120.900 × $4. Direct materials purchased and used 1.50 per pound) $20. 130973237.00 Instructions: (For "Item".Compute materials and labor variances.120 ( SH × ( 690 × $8.) (1) Compute the total materials variance.

2/24/20139:26 PM .ms_office.00 FAV ) ) × ( 700 × $8.00 ) ( 690 × $8.120 02/25/13 Date: Course: FINC405 SR $12.400 Labor price variance = ($280. Weygandt. Page 5 of 11 Page(s). Exercise E22-7.00 SR $12.400 $8. and Kieso ( 700 × $11.AH Fourth Edition by Kimmel. ( ( AH 700 × × ( SH SR ) × $12.60 ) $8.00) (6) Compute the labor quantity variance.00 UNF ) ) 130973237.280 Labor quantity variance = $120.xlsx.Name: Martin Lyke Instructor: Karin Ford-Torres ( ( AH × AR ) Accounting.

xlsx. Exercise E22-7. or Actual Price.heet for one unit of the owing actual costs. Page 6 of 11 Page(s).ms_office. 2/24/20139:26 PM . "AQ" d "SR" for Standard 130973237.

ms_office.130973237. Exercise E22-7. Page 7 of 11 Page(s).xlsx. 2/24/20139:26 PM .

"SH" for Standard Hours.xlsx.000 Variable overhead rate per hour $3.000 $21.Compute variances. expenses were Instructions: (For "Item".25 $2. ( ( AQ 10.000 Direct labor hours worked 14.600 10.500 Budgeted fixed overhead for June $51.) (a)(1)(a) Compute the total materials variance. ( ( AQ 10. "AH" for Actual Hours. and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse 02/25/13 FINC405 P22-2A .000 $23.00 Raw materials units used 10. Costs and Production Data Actual Standard Raw materials unit cost $2.000 Materials quantity variance = × × $1. 3 hours of machine time are required for each direct labor hour. Page 8 of 11 Page(s).200 SP $2. The jobs were sold for $400.200 $20.500 Manufacturing overhead applied $189.00 UNF ) ) (a)(1)(b) Compute the materials price variance.850 $21. "AR" for Actual Rate. Problem P22-2A.600 $23. "AQ" for Actual Quantity. "NCH" for Normal Capacity Hours. Weygandt.00 Fixed overhead rate per hour $1.400 15. and "SHA" for Standard Hours Allowed.000 Assume that the amount of raw materials purchased equaled the amount used.00 UNF ) ) 130973237.000 Selling and administrative $40.Name: Martin Lyke Date: Instructor: Karin Ford-Torres Course: Accounting.600 × × ( SQ SP ) $2.200 Materials price variance = × × $2.00 ) ( 10.000 Machine hours expected to be used at normal capacity 42. Martinez Manufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2012.25 ) ( 10.25 ) ( 10.000 Manufacturing overhead incurred $184.20 Overhead is applied on the basis of standard machine hours.600 × × ( SQ AP ) $2. Fourth Edition by Kimmel. "FOR" for Factory Overhead Rate.850 SP $2.00 U ) ) (a)(1)(c) Compute the materials quantity variance.600 × × ( AQ AP ) $2.650 SP $2.000 Direct labor payroll $122. ( ( AQ 10.000 Total materials variance = × × $3.850 $20. 2/24/20139:26 PM . "AP" for Actual Price. "SR" for Standard Rate.ms_office. and prepare income statement. "SQ" for Standard Quantity. insert "SP" for Standard Price.400 $120.

000 Gross Proft (at standard) 71. Ignore income taxes.000 Labor quantity variance = × × ($4.00 FAV ) ) (b) Compute the total overhead variance.400 $115.000 $115.750 UNF Gross Proft (actual 69. 2/24/20139:26 PM .000 $120.400 × × AR ) $8. Fourth total labor variance. ( ( AH 14.650 UNF Materials Quantity 1.200 UNF Labor Price 7.500) FAV (c) Prepare an income statement for management.00 ) ( 15.50 ) $122.00 UNF ) ) (a)(2)(c) Compute the labor quantity variance.000 Total labor variance = Date: Course: 02/25/13 FINC405 × × $2.500 $189.200 Labor price variance = × × $7.800) FAV Overhead (4.00 U ) ) (a)(2)(b) Compute the labor price variance.000 Variances 400.800) SR $8. Problem P22-2A. MARTINEZ MANUFACTURING CORPORATION Income Statement For the Month Ended June 30.000 Total overhead variance = ($4. AO OA $184.200 $120.400 SR $8.000 Materials Price $2. Weygandt.Name: Martin Lyke Instructor: Karin Ford-Torres (a)(2)(a) Compute the Edition by Kimmel.400 ( AH ( 14.200 SR $8.000 Net Income $29. 2012 COGS (at standard) $329.400 × × ( SH SR ) $8. ( ( AH 14.500) FAV Total variance . and Kieso Accounting.200 UNF Labor Quantity (4.xlsx.250 130973237.Unfavorable 1.400 × × AR ) $8.ms_office.250 Selling and Admin Expenses 40. ( ( AH 14.50 ) $122.400 ( SH ( 15. Page 9 of 11 Page(s).

ms_office. ual Price.ished during the month chine time are administrative e amount used. "AQ" for andard Rate. Problem P22-2A. "FOR" for d. Page 10 of 11 Page(s). 2/24/20139:26 PM .xlsx.) 130973237.

2/24/20139:26 PM .130973237. Page 11 of 11 Page(s). Problem P22-2A.xlsx.ms_office.

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