Excel basics
Cells and rows
Basic blocks of Excel
Margaret graduated from college 10 years and has not kept up with current accounting rules. She prepares tax returns for a living. Which Standard of Ethical conduct has Margaret violated?
Competence
Name an industry that would use job order costing
Real estate developer
Construction
What does ABC stand for?
Activity Based Costing
Jannik Sinner
Current #1 men's tennis player
Won US Open in September
How to make a cell numeric
Type a mathmatical sign (+, = etc.)
Costs are transferred from the balance sheet to the income statement when
The associated goods are sold
Job 13 has the following costs:
Direct materials $100
Direct labor $200
Allocated overhead $300
What journal entry was made when the overhead was allocated?
WIP Job 13 $300
Manufacturing OH $300
What is the basic difference between using one overhead rate and rates based on activity based costing
Overhead is divided up into multiple pools, all with their own costs and base
Accountancy and Analytics
USF new name for Accounting majors
What command do you use to move information from one cell to another
cut, copy
Product costs relate to the production of the product; period costs include all other expenses (Selling, general and administrative)
Total estimated overhead costs $100,000
Total estimated DLH 10,000
Total actual DLH 7,500
What is the predetermined overhead allocation rate if the company uses Direct labor hours (DLH) as its allocation base?
$10 per DLH
$100,000 / 10,000
Macy's Inc spent the following costs:
Implementation a supplier quality program $25,000
Inspection of all goods received $35,000
Warranty $$ on goods returned by customer $7,500
Supplier training regarding quality $3,000
What were total quality costs spent for prevention?$28,000
Supplier quality program + supplier training
Tampa Bay Rays manager
Kevin Cash
Why is linking (cell referencing) important
So you only have to input numbers in one place
Indirect labor $5,000
Direct labor $10,000
Factory rent $35,000
President's salary $6,000
Glue, paint, small parts $8,000
What is total overhead?
$48,000
Indirect labor + Factory rent + small parts
ABC Corp allocates overhead to its jobs using machine hours (MH) as the base. The rate is $10 per MH.
Job 789 estimates that it will use 50 machine hours for the year, but only actually uses 40. How much overhead was Job 789 allocated?
$400
$10 per hour * 40 hours
BR * AQ base
Gucci, Inc. manufactures two kinds of shoes—pumps and flats. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are $30,000. Additional estimated information is given below.
Pumps Flats
Direct materials cost per unit $100 $50
Direct labor cost $30,000 $20,000
Number of units 500 400
Calculate the predetermined overhead allocation rate.
Rate = $30,000 / Total labor $50,000 = .60 per DL$ OR 60% of DL $
Happening now at Boeing
UAW Strike
Give an example of when you would use an "If" formula
Conditional argument -
If this number is 100, put a $$ here
Beg Finished goods 5,000
Ending finished goods 7,500
Direct materials used 30,000
Direct labor 15,000
Overhead 25,000
Beginning WIP 2,000
Ending WIP 3,000
Salesperson's commissions 12,500
What is cost of goods sold?
$66,500
Beg WIP 2,000
DM used 30,000
DL 15,000
OH 25,000
- Ending WIP (3,000)
= COGM 69,000
+ Beg FG 5,000
- End FG (7,500)
= COGS 66,500
DEF Manufacturing has finished production activities for the year. The company allocates
manufacturing overhead based on direct labor costs. The company has provided the following information:
Overhead allocation rate used $.50 per DL $
Actual overhead costs for year $100,000
Actual Direct labor hours for year 100,000
Actual direct labor costs for year $210,000
What is the journal entry to close the temporary MOH account at year-end?
Applied Overhead = $210,000 * .5 = $105,000
Actual overhead = $100,000
Overapplied $5,000
Debit MOH $5,000
Credit Cost of sales $5,000
Gucci, Inc. manufactures two kinds of shoes—pumps and flats. The company allocates manufacturing overhead using two pools - one for indirect materials which are estimated to cost $20,000 for the year, and indirect labor which are estimated at $30,000. The indirect materials pool uses direct materials as its allocation base and the indirect labor pool uses direct labor costs. Additional estimated information is given below.
Pumps Flats
Direct materials cost per unit $100 $50
Direct labor cost $30,000 $20,000
Number of units 500 400
Machine hours 250 300
Calculate the predetermined overhead allocation rates for both indirect materials and indirect labor.
Indirect materials: Pumps Flats
Dm/UNIT $100 $50
* # of units 500 400
= DM costs 50,000 20,000
Total DM costs $70,000
Allocation rate = $20,000 / $70,000 = $.29 per DM used
Indirect labor: $30,000 / Total DL $50,000 = .60 per DL$
Kate Tiedemann
Ellen Cotton
Lynn Pippinger
3 women whose pictures are on the left wall as you enter the College of Business in St. Pete.
Significant donors to USFP