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.

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. Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. 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. These titles can simply be typed over. 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. In general this will appear in instances such as "Record the following events in General Journal number six." The print area is defined to fit onto 8 1/2" 11" sheets in portrait or landscape mode as required. Margins are generally set to no less than 1/2" so most printers can print them without a problem. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes." When negative values are required, enter them by starting with a minus sign, "-". Negative values may be shown as ($400) or $400. 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. Microsoft Office and Microsoft Excel are products of, and copyrighted by, Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399

02/25/13 Name: Martin Lyke Date: Instructor: Karin Ford-Torres Course: FINC405 Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
E22-2 - Compute standard materials costs.

Jim Hetzel manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. 50 The following are required for production of a -gallon batch.
3,000 54 60 50 50 2,500 ounces of grape concentrate at pounds of granulated sugar at lemons at yeast tablets at nutrient tablets at ounces of water at $0.040 0.350 0.600 0.250 0.200 0.004 per ounce per pound each each each per ounce 10% of the sugar is lost, and

Jim estimates that 4% of the grape concentrate is wasted, 20% of the lemons cannot be used.
Instructions:

Compute the standard costs of the ingredients for one gallon of wine. (Carry the computations to two decimal places.) Amount Standard Per Unit of Standard Standard Standard Cost Per Gallon Measure Waste Usage Price Gallon Ingredient Grape Concentrate 60.00 ounces 4% 62.50 $0.040 $2.50 Sugar 1.08 pounds 10% 1.20 0.350 0.42 Lemons 1.20 each 20% 1.50 0.600 0.90 Yeast 1.00 tablet 0% 1.00 0.250 0.25 Nutrient 1.00 tablet 0% 1.00 0.200 0.20 Water 50.00 ounces 0% 50.00 0.004 0.20 $4.47

130973237.xlsx.ms_office, Exercise E22-2, Page 3 of 11 Page(s), 2/24/20139:26 PM

02/25/13 Name: Martin Lyke Date: Instructor: Karin Ford-Torres Course: FINC405 Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
E22-7 - Compute materials and labor variances. Shannon Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials ( 8 pounds at $2.50 per pound) $20.00 Direct labor ( 3 hours at $12.00 per hour) $36.00 During the month of April, the company manufactures 230 units and incurs the following actual costs. Direct materials purchased and used 1,900 ( pounds) $4,940.00 Direct labor ( 700 hours) $8,120.00 Instructions: (For "Item", insert "SP" for Standard Price, "SQ" for Standard Quantity, "AP" for Actual Price, "AQ" for Actual Quantity, "AH" for Actual Hours, "AR" for Actual Rate, "SH" for Standard Hours, and "SR" for Standard Rate.) (1) Compute the total materials variance.

( (

AQ 1,900

( SQ AP ) $2.60 ) ( 1,840 $4,940 $4,600 Total materials variance = $340.00

SP $2.50 UNF

) )

(2) Compute the materials price variance.

( (

AQ 1,900

( AQ AP ) $2.60 ) ( 1,900 $4,940 $4,750 Materials price variance = $190.00

SP $2.50 UNF

) )

(3) Compute the materials quantity variance.

( (

AQ 1,900

( SQ SP ) $2.50 ) ( 1,840 $4,750 $4,600 Materials quantity variance = $150.00

SP $2.50 UNF

) )

(4) Compute the total labor variance.

( (

AH 700

AR ) $11.60 ) $8,120

( SH ( 690 $8,280 Total labor variance = ($160.00)

SR $12.00 FAV

) )

(5) Compute the labor price variance.

130973237.xlsx.ms_office, Exercise E22-7, Page 4 of 11 Page(s), 2/24/20139:26 PM

Name: Martin Lyke Instructor: Karin Ford-Torres ( ( AH AR ) Accounting,AH Fourth Edition by Kimmel, Weygandt, and Kieso
( 700 $11.60 ) $8,120

02/25/13 Date: Course: FINC405

SR $12.00 FAV ) )

( 700 $8,400 Labor price variance = ($280.00)

(6) Compute the labor quantity variance.

( (

AH 700

( SH SR ) $12.00 ) ( 690 $8,400 $8,280 Labor quantity variance = $120.00

SR $12.00 UNF

) )

130973237.xlsx.ms_office, Exercise E22-7, Page 5 of 11 Page(s), 2/24/20139:26 PM

heet for one unit of the

owing actual costs.

or Actual Price, "AQ" d "SR" for Standard

130973237.xlsx.ms_office, Exercise E22-7, Page 6 of 11 Page(s), 2/24/20139:26 PM

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

Name: Martin Lyke Date: Instructor: Karin Ford-Torres Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse

02/25/13 FINC405

P22-2A - Compute variances, and prepare income statement. Martinez Manufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2012. Costs and Production Data Actual Standard Raw materials unit cost $2.25 $2.00 Raw materials units used 10,600 10,000 Direct labor payroll $122,400 $120,000 Direct labor hours worked 14,400 15,000 Manufacturing overhead incurred $184,500 Manufacturing overhead applied $189,000 Machine hours expected to be used at normal capacity 42,500 Budgeted fixed overhead for June $51,000 Variable overhead rate per hour $3.00 Fixed overhead rate per hour $1.20 Overhead is applied on the basis of standard machine hours. 3 hours of machine time are required for each direct labor hour. The jobs were sold for $400,000 Selling and administrative $40,000 Assume that the amount of raw materials purchased equaled the amount used. expenses were Instructions: (For "Item", insert "SP" for Standard Price, "SQ" for Standard Quantity, "AP" for Actual Price, "AQ" for Actual Quantity, "AH" for Actual Hours, "AR" for Actual Rate, "SH" for Standard Hours, "SR" for Standard Rate, "FOR" for Factory Overhead Rate, "NCH" for Normal Capacity Hours, and "SHA" for Standard Hours Allowed.) (a)(1)(a) Compute the total materials variance.

( (

AQ 10,600

( SQ AP ) $2.25 ) ( 10,000 $23,850 $20,000 Total materials variance =

$3,850

SP $2.00 UNF

) )

(a)(1)(b) Compute the materials price variance.

( (

AQ 10,600

( AQ AP ) $2.25 ) ( 10,600 $23,850 $21,200 Materials price variance =

$2,650

SP $2.00 U

) )

(a)(1)(c) Compute the materials quantity variance.

( (

AQ 10,600

( SQ SP ) $2.00 ) ( 10,000 $21,200 $20,000 Materials quantity variance =

$1,200

SP $2.00 UNF

) )

130973237.xlsx.ms_office, Problem P22-2A, Page 8 of 11 Page(s), 2/24/20139:26 PM

Name: Martin Lyke Instructor: Karin Ford-Torres (a)(2)(a) Compute the Edition by Kimmel, Weygandt, and Kieso Accounting, Fourth total labor variance.
( ( AH 14,400 AR ) $8.50 ) $122,400 ( SH ( 15,000 $120,000 Total labor variance =

Date: Course:

02/25/13 FINC405

$2,400

SR $8.00 U

) )

(a)(2)(b) Compute the labor price variance.

( (

AH 14,400

AR ) $8.50 ) $122,400

( AH ( 14,400 $115,200 Labor price variance =

$7,200

SR $8.00 UNF

) )

(a)(2)(c) Compute the labor quantity variance.

( (

AH 14,400

( SH SR ) $8.00 ) ( 15,000 $115,200 $120,000 Labor quantity variance =

($4,800)

SR $8.00 FAV

) )

(b) Compute the total overhead variance.

AO OA $184,500 $189,000 Total overhead variance =

($4,500)

FAV

(c) Prepare an income statement for management. Ignore income taxes. MARTINEZ MANUFACTURING CORPORATION Income Statement For the Month Ended June 30, 2012 COGS (at standard) $329,000 Gross Proft (at standard) 71,000 Variances 400,000 Materials Price $2,650 UNF Materials Quantity 1,200 UNF Labor Price 7,200 UNF Labor Quantity (4,800) FAV Overhead (4,500) FAV Total variance - Unfavorable 1,750 UNF Gross Proft (actual 69,250 Selling and Admin Expenses 40,000 Net Income $29,250

130973237.xlsx.ms_office, Problem P22-2A, Page 9 of 11 Page(s), 2/24/20139:26 PM

ished during the month

chine time are administrative e amount used.

ual Price, "AQ" for andard Rate, "FOR" for d.)

130973237.xlsx.ms_office, Problem P22-2A, Page 10 of 11 Page(s), 2/24/20139:26 PM

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