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Exam 19: Job-Order Costing: a Microsoft Excel-Based Approach

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Question 21

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Venzke Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for January 31.

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a.
Note: Entry (16),overapp...

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Question 22

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In the Excel,or spreadsheet,approach to recording financial transactions,any transactions involving sales or expenses will be recorded in the Net Income column of the balance sheet.

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Question 23

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Angeloni Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on July 1 appears below: Summaries of the transactions completed during July appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Schedule of Cost of Goods Sold for the company for July. c.Prepare an Income Statement for the company for July.

Feuerborn Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for January 31. c.Prepare a Schedule of Cost of Goods Manufactured for the company for January. d.Prepare a Schedule of Cost of Goods Sold for the company for January. e.Prepare an Income Statement for the company for January.

The equation "Ending balance in retained earnings = Beginning balance in retained earnings + Net operating income - Dividends" highlights the connection between the balance sheet and income statement and recognizes the fact that net operating income is essentially embedded within retained earnings on the balance sheet.

In the Excel,or spreadsheet,approach to recording financial transactions,factory depreciation is recorded as a decrease in the Property,Plant,and Equipment column and as a decrease in the Retained Earnings column.

In the Excel,or spreadsheet,approach to recording financial transactions,the cost of goods sold is recorded as a decrease in the Finished Goods column and as a decrease in the Retained Earnings column.

Montuori Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on October 1 appears below: Summaries of the transactions completed during October appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Schedule of Cost of Goods Sold for the company for October. c.Prepare an Income Statement for the company for October.