The data entry section is meant to record all the given transactions relating to labor, materials, overhead items, sales, and inventories. The labels in the data input block for the transactions and other information may be in alphabetical order or follow a timeline – acquisition of inputs, production and finished goods. Once the data entry section is complete, you can create the relevant T-accounts. The idea here is to post the transactions in the data entry section directly into the appropriate T-accounts. This is accomplished using formulas/cell references of Excel. The labels and values in the income statement and T-accounts must be properly cross-referenced with data input block. (Labels and data for each transaction must be entered only once in the data entry section). The idea is that if the values for the transactions are changed at the data input block, these changes are automatically reflected in the T-accounts and income statement.Create a spreadsheet along the lines discussed using the information given in problem 3-15 of your textbook. Verify whether your spreadsheet is correct by comparing the net income obtained in your spreadsheet with the solution posted. Then,1. Print spreadsheet as shown in the sample displaying labels and values.2. Print the spreadsheet displaying the formulae/cell reference used.Make sure to size your sheet in such a way that all the blocks fit into a page. Presentation is as important as correct answers.Now, assume that sales were $1,150,000, materials purchases were $290,000, and direct labor costs were $215,000. Also assume that the estimated direct labor hours were 1000. Repeat the exercise with the modified values and print the 1st report for this case. If your spreadsheet is properly constructed, all you need to do change these values at the data entry section. Excel will automatically update all the relevant accounts. Keep in mind that the sample template provided does not contain any cell references or formulas.

In this assignment, you are required to create a spreadsheet for recording the summary transactions of a company, preparing the T-accounts and subsequently the Income Statement. You will benefit by using the template provided in Canvas under Module 2 – and altering the template to fit Problem 3-15. Your spreadsheet should have 3 blocks or sections: (1) data entry, (2) T-accounts for MATERIALS, MOH, WIP, FG and COGS, (no need for other T-accounts) and (3) Income statement.