Grader - Instructions Project Description: BT6e E2-29A v2 Accounting 2019 Project BT6e E2.29A Steps to Perform: Points Step Instructions Possible 1 Prepare the income statement for West Nautical Company in for the most recent year. (Always use cell references and formulas where appropriate to receive full credit. If you copy/ paste from the Instruction tab you will be marked wrong.) 21 a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. c. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Total Points 21 Building Blocks of Managerial Accounting Prepare Income Statement Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab. Beginning of Year End of Year Raw materials inventory Work in process inventory $ 23,000 $25,000 Insurance on plant $ End of Year 11,500 $ 35,000 $31,000 Depreciation-plant building and equipment $ 13,400 Finished goods inventory $ 20,000 $22,000 Repairs and maintenance-plant $ 3,700 Purchases of direct materials $ 74,000 Marketing expenses $ 77,000 Direct labor $ 86,000 General and administrative expenses $ 28,500 Indirect labor $ 42,000 Assume that the company has the following sales during the year: Units sold Price per unit 34,000 $ 12 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Prepare the income statement for West Nautical Company in for the most recent year. a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. C. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open C. Click Upload button under step 3 d. Click Submit button under step 4 Requirement Prepare the income statement for West Nautical Company in for the most recent year. a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. C. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open C. Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Summary 4 Within Score Summary window, click on Download (upper right) to download the spreadsheet with feedback **DATA SHEET -- DO NOT ENTER ANSWERS HERE** Calculation of Direct Materials Used Beginning Raw Materials Inventory $ 23,000 Plus: Purchases of direct materials 74,000 Materials available for use $ 97,000 Less: Ending Raw Materials Inventory 25,000 Direct materials used $ 72,000 Schedule of Cost of Goods Manufactured Beginning Work in Process Inventory $ 35,000 Plus Manufacturing costs incurred: Direct materials used 72,000 Direct labor 86,000 Manufacturing overhead 70,600 Total manufacturing costs to account for $ 263,600 Less: Ending Work in Process Inventory 31,000 Cost of goods manufactured $ 232,600 Calculation of Cost of Goods Sold Beginning Finished Goods Inventory $ 20,000 Plus: Cost of goods manufactured 232,600 Cost of goods available for sale $ 252,600 Less: Ending Finished Goods Inventory 22,000 Cost of goods sold $ 230,600 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) West Nautical Company Income Statement For Current Year Operating income