Question: Use this information to help me create t charts using excel formulas Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost
Use this information to help me create t charts using excel formulas
| Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding its latest job. | |||||||||
| a. Materials were purchased on account. | $18,996 | ||||||||
| b. A materials requisition form shows an amount of materials required for this job, 10% of which were used for general use. | $12,450 | 10% | |||||||
| c. A labor time sheet shows the following. Assume the Maintenance and Supervisor amounts relate directly to this job. | |||||||||
| Job 345 | |||||||||
| Employee | Role | Hours | Rate | Total | |||||
| T. Walker | Crafting | 23 | $12.50 | $287.50 | |||||
| M. Foster | Firing | 18 | $13.75 | $247.50 | |||||
| C. Watson | Maintenance | 6 | $11.00 | $66.00 | |||||
| K. Willis | Supervisor | 10 | $23.00 | $230.00 | |||||
| $831.00 | |||||||||
| d. The additional list below shows costs incurred. | |||||||||
| Factory Utilities | $395 | ||||||||
| Advertising Expense | $625 | ||||||||
| Administrative Duties | $348 | ||||||||
| Factory Depreciation | $487 |
| e. At the beginning of the year, overhead costs and workload was estimated. Direct Labor hours drives the cost of overhead. | |||||||||
| Estimated Overhead Cost | $90,000 | ||||||||
| Estimated Direct Labor Hours | 1,500 | ||||||||
| f. By month's end, all previous jobs were completed, but only 80% of the pots started this month were completed. | 80% | ||||||||
| g. 90% of the previous batch of pots were sold, while 70% of the pots completed this month were sold. | $22,000 | Total Sales | 90% | 70% | |||||
| Required: | |||||||||
| 1. Complete the T-Accounts below. | |||||||||
| Raw Materials | Work In Process | Finished Goods | |||||||
| Debit | Credit | Debit | Credit | Debit | Credit | ||||
| 4,685 | 12,450 | 5,628 | 1,260 | ||||||
| 18,996 | 11,205 | 22,000 | |||||||
| 11,231 | 831 | 20,740 | |||||||
| Cost of Goods Sold | 17,664 | Sales Revenue | |||||||
| Debit | Credit | Debit | Credit | ||||||
| 15,400 | Salaries/Wages Payable | 22,000 | |||||||
| 15,400 | Debit | Credit | 22,000 | ||||||
| 831 | |||||||||
| Period Cost | 831 | ||||||||
| Debit | Credit | ||||||||
| Manufacturing Overhead | |||||||||
| Debit | Credit | ||||||||
| 646 | |||||||||
| 646 | |||||||||
| Note: When calculating amounts below, use the total in the T-Accounts. | |||||||||
| 2. Determine the Cost of Goods Manufactured. | |||||||||
| Cost of Goods Manufactured | $12,036 | ||||||||
| 3. Create a journal entry to dispose of the Over/Underapplied Overhead. | |||||||||
| Date | Account | Debit | Credit | ||||||
| 3/31/2022 | Manufacturing Overhead | 646 | |||||||
| Cost of Goods Sold | 646 | ||||||||
| 4. Determine the Cost of Goods Sold after disposing of the Over/Underapplied Overhead. | |||||||||
| Cost of Goods Sold | $14,754 | ||||||||
| 5. Determine the Gross Profit for the month. | |||||||||
| Gross Profit | $7,246 | ||||||||
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