ch09 (1)

FileName: document.xlsx, Tab: General Instructions, Page 1 of 18, 04/19/2023, 21:29:48

Instructions for the Microsoft Excel Templates

Detail and information on Excel is contained within the manual.

Type your name into the cell to the right of the "Name" cell. Your name will appear on each printed sheet.

It is recommended that you enter the due date of your assignment in the cell to the right of the "Date" cell.

If the workbook requires more than one printed sheet, your name, course, and date will appear on each sheet.

Place an account name or title, such as "Cash," where "Account" or "Account title" appear.

Place a line title, such as "Net income," where "Title" or "Text Title" appear.

Place a value, such as "8.50," where "Amount" or "Value" appears.

Advisory - The worksheets are not protected. You can over type any data within the worksheets. If you over type important data you can usually restore it by referencing your textbook.

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 course identity or instructor identity into the cell to the right of "Course." This information will appear on each printed sheet.

If the workbook requires more than one printed sheet page breaks are already set for normal bond - 8 1/2 X 11" paper.

The print area of the exercise or problem is defined by the grey filled cells. These grey filled cells are the cells immediately outside the print area.

Each worksheet will also contain a footer that includes the exercise or problem identity, the tab you printed, the page of pages, the time, and date you printed the worksheet.

The exercises and problems may be presented slightly different than in your textbook. This is to facilitate better utilization by the formulas available to you with Excel.

Cells that contain data that can be used by the formulas of Excel in the solution of the exercise or problem are usually framed with black lines to help you identify those values.

FileName: document.xlsx, Tab: General Instructions, Page 2 of 18, 04/19/2023, 21:29:48

Place a number, such as "3," where "Number" or "Quantity" appears.

Where text or memorandum lines are desired for journal entries, a line below the journal entry is provided.

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

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

The cells of the exercises and problems are already formatted for the data. No adjustment should be necessary.

Dates should be entered as "06/06/08." This will ensure that Excel will present it properly.

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

The terms "Amount" and "Value" generally refer to values such as $85.97 while the terms "Number" and "Quantity" refer to the numerical refer to 3 units or 5 years.

When an exercise or problem requires a text entry, such as "Based on the information, which option would you recommend?" a formatted text box is provided. This is usually identified with "Enter your text answer here" or "Place text answer here" type text. Simply click into the cell and over type the existing text.

Negative values should be preceded by a "-" (negative sign). Negative values may be shown as ($400) vice -$400.

FileName: document.xlsx, Tab: Exercise E9-2, Page 3 of 18, 04/19/2023, 21:29:48

Name:

Course:

Date:E9-2 – Prepare a sales budget for 2 quarters

sell for calculators $15.00 and $25.00 respectively. Because of the intense competitionEdington faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2014 are as follows.

Unit SalesProduct Quarter 1 Quarter 2

XQ-103 20,000 22,000 XQ-104 12,000 15,000

No changes in selling prices are anticipated.

Instructions:

EDINGTON ELECTRONICS INC.Sales Budget

For the Six Months Ending June 30, 2014

Product

Quarter 1 Quarter 2 Six Months

Units Total Sales Units Total Sales Units Total Sales

XQ-103 Number Amount Formula Number Amount Formula Formula Amount FormulaXQ-104 Number Amount Formula Number Amount Formula Formula Amount FormulaTotals Formula Formula Formula Formula Formula Formula

Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel

Pimer on Using Microsoft Excel in Accounting by Rex A Schildhouse

Exercise E9-2 Edington Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The

Prepare a sales budget for the 2 quarters ending June 30, 2014. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total.

Selling Price

Selling Price

Selling Price


Name:

Course:

Date:E9-4 – Prepare quarterly production budgets

Quarter HD-2401 5,000 2 7,000 3 8,000 4 10,000

The January 1, 2014, inventory of HD-240 is 2,000 units. Management desires an ending inventory each quarter equal to 40% of the next quarter's sales. Sales in the first quarter of 2015 are expected to be 25% higher than sales in the same quarter in 2014.

Instructions:Prepare quarterly production budgets for quarter and in total for 2014.

TURNEY COMPANYProduction Budget

For the Year Ending December 31, 2014

Product HD-240

Quarter1 2 3 4 Year

Expected unit sales Amount Amount Amount Amount

Formula Formula Formula Formula

Total required units Formula Formula Formula FormulaLess: Beginning finished goods units Formula Formula Formula FormulaRequired production units Formula Formula Formula Formula Formula



Exercise E9-4 Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2014 sales budget is as follows.

Add: Desired ending finished goods units(1) (2)


Name:

Course:

Date:E9-10 – Prepare a manufacturing overhead budget for the year

Units to be produced (by quarters): 10,000 12,000 14,000 16,000 Direct labor: Time i 1.5 hours per unit.Variable overhead costs per direct labor hour: Indirect materials $0.80 indirect labor

$1.20 and maintenance $0.50 Fixed overhead costs per quarter: Supervisory salaries $35,000

Depreciation $15,000 Maintenance $12,000

Instructions:Prepare the manufacturing overhead budget for the year, showing quarterly data.

ATLANTA COMPANYManufacturing Overhead Budget

For the Year Ending December 31, 2014Quarter 1 2 3 4 Year

Variable costsTitle Amount Amount Amount Amount FormulaTitle Amount Amount Amount Amount FormulaTitle Amount Amount Amount Amount FormulaTotal variable Formula Formula Formula Formula FormulaFixed costsTitle Amount Amount Amount Amount FormulaTitle Amount Amount Amount Amount FormulaTitle Amount Amount Amount Amount FormulaTotal fixed Formula Formula Formula Formula FormulaTotal manufacturing overhead Formula Formula Formula Formula Formula

Direct labor hours Number Number Number Number Formula

Formula



Exercise E9-10 Atlanta Company is preparing its manufacturing overhead budget for 2014. Relevant data consist of the following:

FileName: document.xlsx, Tab: Problem P9-1A, Page 6 of 18, 04/19/2023, 21:29:48

Name:

Course:

Date:P9-1A – Prepare budgeted income statement and supporting budgets

30,000 bags; Quarter 2 42,000 bags. Selling price is $60.00 per bag.

4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound.

Type of inventory January 1 April 1 July 1Snare (bags) 8,000 15,000 18,000 Gumm (pounds) 9,000 10,000 13,000 Tarr (pounds) 14,000 20,000 25,000

0.25 hours (15 minutes) per bag at an hourly rate of $16.00 per hour.

15% of sales plus $175,000 perquarter.

30% of income from operations.Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be150% of direct labor cost. (2) The direct materials budget for Tarr shows that cost of Tarr purchases to be

$297,000 in quarter 1 and $439,500 in quarter 2.

Instructions:

GLENDO FARM SUPPLY COMPANYSales Budget


Quarter6 Months1 2

Title Number Number FormulaTitle Amount Amount AmountTitle Formula Formula Formula



Problem P9-1A Glendo Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2014.

1. Sales: Quarter 1

2. Direct materials: Each bag of Snare requires

3. Desired inventory levels:

4. Direct labor: Direct labor time is

5. Selling and administrative expenses are expected to be

6. Income taxes are expected to be

Prepare the budgeted income statement for the first 6 months and all required operating budgets by quarters. (Note: Use variable and fixed in the selling and administrative expense budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.


Name:

Course:

Date:GLENDO FARM SUPPLY COMPANY

Production BudgetFor the Six Months Ending June 30, 2014

Quarter6 Months1 2

Title Amount Amount FormulaTitle Amount Amount FormulaTitle Formula Formula FormulaTitle Amount Amount FormulaTitle Formula Formula Formula

GLENDO FARM SUPPLY COMPANYDirect Materials Budget - Gumm


Quarter6 Months1 2

Title Amount Amount AmountTitle Amount Amount AmountTitle Formula Formula FormulaTitle Amount Amount AmountTitle Formula Formula FormulaTitle Formula Formula FormulaTitle Formula Formula FormulaTitle Amount Amount AmountTitle Formula Formula Formula

GLENDO FARM SUPPLY COMPANYDirect Labor Budget


Quarter6 Months1 2

Units to be produced Amount Amount AmountTitle Amount Amount AmountTitle Formula Formula FormulaTitle Amount Amount AmountTitle Formula Formula Formula


Name:

Course:

Date:GLENDO FARM SUPPLY COMPANYSelling and Administrative Expense BudgetFor the Six Months Ending June 30, 2014

Quarter6 Months1 2

Budgeted sales in units Amount Amount Formula

Title Formula Formula FormulaTitle Amount Amount AmountTotal Formula Formula Formula

GLENDO FARM SUPPLY COMPANYBudgeted Income Statement


6 MonthsTitle FormulaTitle FormulaTitle FormulaTitle AmountTitle FormulaTitle FormulaTitle Formula

Cost element Quantity Unit Cost TotalDirect materials

Title Number Amount FormulaTitle Number Amount Formula

Title Number Amount FormulaTitle FormulaTitle Formula


Name:

Course:

Date:P9-5A – Prepare purchases and income statement budgets for a merchandiser

$800,000 Sales in June and July are expected to be 5%higher than the preceding month.

75% of sales.15% of the following month's

cost of goods sold.

Sales salaries $30,000 per monthAdvertising 6% of monthly salesDelivery expense 3% of monthly salesSales commissions 5% of monthly salesRent expense $5,000 per monthDepreciation $800 per monthUtilities $600 per monthInsurance $500 per month

30% of income from operations.

Instructions:

LITWIN COMPANYSan Miguel Store

Merchandise Purchases BudgetFor the Months of May and June, 2014

May JuneTitle Amount AmountTitle Amount AmountTitle Formula FormulaTitle Amount AmountTitle Formula Formula



Problem P9-5A The budget committee of Litwin Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2014.

1. Sale for May are expected to be

2. Cost of goods sold is expected to be3. Company policy is to maintain ending merchandise inventory at

4. Operating expenses are estimated to be:

5. Income taxes are estimated to be

(a) Prepare the merchandise purchases budget for each month in columnar form.


Name:

Course:

Date:

LITWIN COMPANYSan Miguel Store

Budgeted Income StatementFor the Months of May and June, 2014

May JuneTitle Amount AmountTitle

Title Amount Amount

Title Amount AmountTitle Formula FormulaTitle Amount Amount

Title Formula FormulaTitle Formula Formula

TitleTitle Amount AmountTitle Formula FormulaTitle Formula FormulaTitle Formula FormulaTitle Amount AmountTitle Amount AmountTitle Amount Amount

Title Amount Amount

Title Formula FormulaTitle Formula Formula

Title Formula Formula


(b) Prepare budgeted income statements for each month in columnar form. Show in the statements the details of cost of goods sold.

FileName: document.xlsx, Tab: Problem P9-1B, Page 11 of 18, 04/19/2023, 21:29:48

Name:

Course:

Date:P9-1B – Prepare budgeted income statement and supporting budgets

40,000 bags; Quarter 2 50,000 bags. Selling price isper bag.

5 pounds of Crup at a cost ofper pound and 10 pounds of Dert at $1.50 per pound.

Type of inventory January 1 April 1 July 1Basic II (bags) 10,000 15,000 20,000 Crup (pounds) 9,000 12,000 15,000 Dert (pounds) 15,000 20,000 25,000

0.25 hours (15 minutes) per bag at an hourly rate ofper hour.

10% of sales plus $150,000 quarter.

30% of income from operations.Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be100% of direct labor cost. (2) The direct materials budget for Dert shows that cost of Dert purchases to be

$682,500 in quarter 1 and $832,500 in quarter 2.

Instructions:

MERCER FARM SUPPLY COMPANYSales Budget


Quarter6 Months1 2

Title Number Number FormulaTitle Amount Amount AmountTitle Formula Formula Formula



Problem P9-1B Mercer Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic II for the first 2 quarters of 2014.

1. Sales: Quarter 1

2. Direct materials: Each bag of Basic II requires

3. Desired inventory levels:

4. Direct labor: Direct labor time is

5. Selling and administrative expenses are expected to be

6. Income taxes are expected to be

Prepare the budgeted income statement for the first 6 months of 2011 and all required supporting budgets by quarters. (Note: Use variable and fixed in the selling and administrative expense budget). Do not prepare the manufacturing overhead budget or the direct materials budget for Dert.


Name:

Course:

Date:MERCER FARM SUPPLY COMPANY

Production BudgetFor the Six Months Ending June 30, 2014

Quarter6 Months1 2

Title Amount Amount FormulaTitle Amount Amount FormulaTitle Formula Formula FormulaTitle Amount Amount FormulaTitle Formula Formula Formula

MERCER FARM SUPPLY COMPANYDirect Materials Budget - Crup


Quarter6 Months1 2

Title Amount Amount AmountTitle Amount Amount AmountTitle Formula Formula FormulaTitle Amount Amount AmountTitle Formula Formula FormulaTitle Formula Formula FormulaTitle Formula Formula FormulaTitle Amount Amount AmountTitle Formula Formula Formula

MERCER FARM SUPPLY COMPANYDirect Labor Budget


Quarter6 Months1 2

Units to be produced Amount Amount AmountTitle Amount Amount AmountTitle Formula Formula FormulaTitle Amount Amount AmountTitle Formula Formula Formula


Name:

Course:

Date:MERCER FARM SUPPLY COMPANYSelling and Administrative Expense BudgetFor the Six Months Ending June 30, 2014

Quarter6 Months1 2

Budgeted sales in units Amount Amount Formula

Title Formula Formula FormulaTitle Amount Amount AmountTotal Formula Formula Formula

MERCER FARM SUPPLY COMPANYBudgeted Income Statement


6 MonthsTitle FormulaTitle FormulaTitle FormulaTitle AmountTitle FormulaTitle FormulaTitle Formula

Cost per BagCost element Quantity Unit Cost TotalDirect materials

Title Number Amount FormulaTitle Number Amount Formula

Title Number Amount FormulaManufacturing overhead (100% of direct labor cost) FormulaTitle Formula


P9-1B – Prepare budgeted income statement and supporting budgets

$63.00 per bag.

$3.80 per pound.

$12.00 per hour.

perquarter.

of income from operations.Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be

of direct labor cost. (2) The direct materials budget for Dert shows that cost of Dert purchases to bein quarter 2.

Instructions:

Mercer Farm Supply Company manufactures and sells a fertilizer called Basic II. The following

Prepare the budgeted income statement for the first 6 months of 2011 and all required supporting budgets by quarters. (Note: Use variable and fixed in the selling and administrative expense budget). Do not prepare the




Name:

Course:

Date:P9-5B – Prepare purchases and income statement budgets for a merchandiser

$400,000 August $450,000 September $500,00065% of sales.

15% of the following month'scost of goods sold.

Sales salaries $50,000 per monthAdvertising 5% of monthly salesDelivery expense 2% of monthly salesSales commissions 4% of monthly salesRent expense $3,000 per monthDepreciation $700 per monthUtilities $500 per monthInsurance $300 per month

30% of income from operations.

Instructions:

WIDNER COMPANYWestwood Store

Merchandise Purchases BudgetFor the Months of July and August, 2014

July AugustTitle Amount AmountAdd: Title Amount AmountTotal Formula FormulaLess: Title Amount AmountTitle Formula Formula



Problem P9-5B The budget committee of Widner Company collects the following data for its Westwood Store in preparing budgeted income statements for July and August 2014.

1. Sale for July are expected to be2. Cost of goods sold is expected to be3. Company policy is to maintain ending merchandise inventory at

4. Operating expenses are estimated to be:

5. Income taxes are estimated to be

(a) Prepare the merchandise purchases budget for each month in columnar form.


Name:

Course:

Date:

WIDNER COMPANYWestwood Store

Budgeted Income StatementFor the Months of July and August, 2014

July AugustTitle Amount AmountCost of goods sold

Title Amount Amount

Title Amount AmountTitle Formula FormulaLess: Title Amount Amount

Title Formula FormulaGross profit Formula Formula

Operating expensesTitle Amount AmountTitle Formula FormulaTitle Formula FormulaTitle Formula FormulaTitle Amount AmountTitle Amount AmountTitle Amount Amount

Title Amount Amount

Total Formula FormulaTitle Formula Formula


Net income Formula Formula

(b) Prepare budgeted income statements for each month in columnar form. Show in the statements the details of cost of goods sold.

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ch09 (1)