accountingInstructions Critical Thinking 1- Managerial Accounting **Before you begin, save this...

Question

accountingInstructions 	Critical Thinking 1- Managerial Accounting 	**Before you begin, save this file to your computer named as LastName, First Name CTA1 	Browned Butter Bakery has been baking coconut cookies for 27 years.  Classify manufacturing costs, and prepare schedules for the Cost of Goods Manufactured and the Cost of Goods Sold for the month ended March 31, 2021. Requirements 1-4 all refer to Browned Butter Bakery.  	Requirements 	1.     COSTS: Use Excel to classify costs as described below. 	a.    Classify the costs as either period costs or product costs.  			 i.     To classify the cost, click in the cell.  A drop down arrow will appear to the right.  Click the arrow and select either Product or Period. 	b.     Classify the product costs as direct materials, direct labor, or manufacturing overhead. 			i.     To identify the classification, click in the cell.  A drop down arrow will appear to the right.  Click the arrow.  If it’s a product cost, select direct materials, direct labor, or manufacturing overhead.  If it’s a period cost, select expense. 	2.    COGM:  Complete the Schedule of Cost of Goods Manufactured.  Use the blue shaded areas for inputs. Use the following amounts:  				Direct Materials			2,600 				Direct Labor			3,200 				Manuf. Overhead			10,450 				Beg. WIP			1,800 				End WIP			1,100 	3.     COGM: Using the results from Requirement 2, calculate the cost per unit for goods manufactured.  Use the blue shaded areas for inputs. Use a formula to calculate the cost per unit. 			Units Manufactured		17000 	4.     COGS: Complete the Cost of Goods Sold schedule with the below inventory data. 			Beg. FG	650	units	@	0.96	per unit 			End FG	1200	units 	5.     NerdzyCOGM: Continuing Problem. You will continue to see information on Nerdzy Computer Company throughout the course. Navigate to tab "Req 5- Nerdzy COGM" where you will read the relevant information on the company and then prepare a COGM.  	Helpful Hints: 	I highly recommend using the power of excel to your advantage (i.e. using cell references and formulas within excel). There are a few benefits to doing so. First, you will use Excel in industry regardless of your major, so it is great practice to start using it now. Second, using cell references minimizes chances of mistakes and allows you to quickly correct errors. Finally, it allows me to quickly see your calculations, which means I can award more partial credit than if I have to guess how you calculated something.  	On each file you will find input areas that input areas that are shaded blue. There are also green cells that you can use to show your work (particularly if you aren't using excel formulas). All other cells are locked and cannot be editted.  Costs 		Requirement 1 		1.  Identify the following as either a product cost or a period cost, and  		2.  Select the appropriate product cost category, or select expense.						Student calculations / notes area 		Description	Cost Classification		Category 		Coconut flakes used in the cookies. 		Depreciation on the ovens. 		Wages for the bakery security guard. 		Salaries of the bakers who make the cookies. 		Insurance on the computers used in the accounting office. 		Electricity for the bakery. 		Heating for the corporate headquarters. 		Freight for shipping the cookies to customers. 		Salary of the baking supervisor. 		CEO Salary 		Wages for the bakery janitor 		Wages for the corporate headquarters janitor 		Flour for the cookies 		Packaging Materials for the cookies COGM 		Requirement 2:  Complete the Schedule of Cost of Goods Manufactured.					Requirement 3:  Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming: 								17000	units were manufactured. 							Cost of Goods Manufactured 		Schedule of Cost of Goods Manufactured					Total Units Produced 							Unit Product Cost 		Student calculations / notes area COGS 		Requirement 4:  Complete the Cost of Goods Sold schedule. 		Schedule of Cost of Goods Sold 		Student calculations / notes area NerdzyCOGM 	This is the first problem in a sequence of problems that you will see throughout the course for Nerdzy Computer Company, a manufacturer of personal computers and tablets. During its first month of manufacturing, Nerdzy Computer Company incurred the following manufacturing costs:				Use the space below to prepare the COGM for Nerdzy Computer Company. Only enter information in the blue shaded cells. 	Balances:	Beg. Bal	End Bal 	Direct Materials	$   12,400	$   9,552 	WIP Inventory	- 0	17,000 	FG Inventory	- 0	31,000 	Other Information 	DM Purchases		$   15,489 	Plant Janitorial Services		2,405 	Sales Salaries Expense		18,543 	Delivery Expense		1,500 	Sales Revenue		1,100,000 	Utilities for Plant		45,806 	Rent on Plant		6,569 	Customer Service Hotline Costs		8,190 	Direct Labor		189,415 	Prepare a schedule of cost of goods manufactured for Nerdzy Computer Company for the month ended January 31, 2021. 	Student calculations / notes area data 	Costs		Category		Labels for Statements		Ilmbbsm04!07!19 	Product		Direct materials (DM)		Beg. DM 	Period		Direct labor (DL)		Beginning Finished Goods Inventory 			Expense		Beginning Work-in-Process Inventory 			Manufacturing overhead (MOH) 		Cost of Goods Available for Sale 					Cost of Goods Manufactured 					Cost of Goods Sold 					Direct Labor 					Direct Materials Used 					DM Avail. For Use 					End DM 					Ending Finished Goods Inventory 					Ending Work-in-Process Inventory 					Manufacturing Overhead 					Plant Janitorial Services 					Purchases of DM 					Rent on Plant 					Total Manuf Overhead 					Total Manufacturing Costs Incurred during Period 					Total Manufacturing Costs to Account For 					Utilities for Plant CostsANS 		Requirement 1 		1.  Identify the following as either a product cost or a period cost, and  		2.  Select the appropriate product cost category, or select expense. 		Description	Cost Classification		Category 		Coconut flakes used in the cookies.	Product		Direct materials (DM) Author: Author: A period cost will ALWAYS be an expense. A Product cost will NEVER be an expense.  		Depreciation on the ovens.	Product		Manufacturing overhead (MOH)  		Wages for the bakery security guard.	Product		Manufacturing overhead (MOH)  		Salaries of the bakers who make the cookies.	Product		Direct labor (DL) 		Insurance on the computers used in the accounting office.	Period		Expense 		Electricity for the bakery.	Product		Manufacturing overhead (MOH)  		Heating for the corporate headquarters.	Period		Expense 		Freight for shipping the cookies to customers.	Period		Expense Author: Author: This one causes confusion sometimes. This is a period/expense because the freight is a cost of selling the good AFTER it is produced, not a cost of actually producing the good (this is describing freight out). Note that "Freight In" is a cost associated with getting materials required to produce a product, so it would be included as a DM cost.  		Salary of the baking supervisor.	Product		Manufacturing overhead (MOH)  		CEO Salary	Period		Expense 		Wages for the bakery janitor	Product		Manufacturing overhead (MOH)  		Wages for the corporate headquarters janitor	Period		Expense 		Flour for the cookies	Product		Direct materials (DM) 		Packaging Materials for the cookies	Product Author: Author: See page 866 of the text for more help with the definitions of the costs associated with managerial accounting. 		 Author: Author: A period cost will ALWAYS be an expense. A Product cost will NEVER be an expense. 	Direct materials (DM) COGMANS 		Requirement 2:  Complete the Schedule of Cost of Goods Manufactured.					Requirement 3:  Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming: 								17000	units were manufactured. 		Browned Butter Bakery Author: Author: The process for how to prepare a COGM starts on page 872.					Cost of Goods Manufactured	$   16,950 		Schedule of Cost of Goods Manufactured					Total Units Produced	17,000 		Month Ended March 31, 2018					Unit Product Cost	$   1.00 		Beginning Work-in-Process Inventory			$   1,800 Author: Author: Data is pulled from the Instructions page. 		Direct Materials Used		$   2,600 		Direct Labor		3,200 		Manufacturing Overhead		10,450 		Total Manufacturing Costs Incurred during Period			16,250 Author: Author: Sum of DM, DL & MOH 		Total Manufacturing Costs to Account For			18,050 		Ending Work-in-Process Inventory			(1,100) Author: Author: Remember that this should be reported in the negative.  		 Author: Author: The process for how to prepare a COGM starts on page 872.			 Author: Author: Data is pulled from the Instructions page.	Cost of Goods Manufactured			$   16,950 COGSANS 		Requirement 4:  Complete the Cost of Goods Sold schedule. 		Browned Butter Bakery Author: Author: See page 874 for more help. 		Schedule of Cost of Goods Sold 		Month ended March 31, 2021 		Beginning Finished Goods Inventory		$   624 Author: Author: Data can be found in Instructions sheet.  		Cost of Goods Manufactured		16,950 Author: Author: Pulled from COGM that was prepared in previous requirement.  		Cost of Goods Available for Sale		17,574 		Ending Finished Goods Inventory		(1,196) Author: Author: Should be calculated with the product cost you determined in req 3.  		Cost of Goods Sold		$   16,378 NerdzyCOGMANS 	This is the first problem in a sequence of problems that you will see throughout the course for Nerdzy Computer Company, a manufacturer of personal computers and tablets. During its first month of manufacturing, Nerdzy Computer Company incurred the following manufacturing costs:				Use the space below to prepare the COGM for Nerdzy Computer Company. Only enter information in the blue shaded cells. 					Nerdzy Computer Company Author: Author: See page 873 for an example of a COGM 					Schedule of Cost of Goods Manufactured 					Month Ended January 31, 2021 	Balances:	Beg. Bal	End Bal 	Direct Materials	$   12,400	$   9,552		Beginning Work-in-Process Inventory				$   - 0 Author: Author: This is the first month of operations, so there is no beginning inventory 	WIP Inventory	- 0	$   17,000		Direct Materials Used 	FG Inventory	- 0	$   31,000		Beg. DM		$   12,400 					Purchases of DM		15,489 	Other Information				DM Avail. For Use		27,889 	DM Purchases		$   15,489		End DM		(9,552) 	Plant Janitorial Services		$   2,405		Direct Materials Used			$   18,337 	Sales Salaries Expense		$   18,543		Direct Labor			189,415 	Delivery Expense		$   1,500		Manufacturing Overhead 	Sales Revenue		$   1,100,000		Plant Janitorial Services		2,405 	Utilities for Plant		$   45,806		Utilities for Plan		45,806 	Rent on Plant		$   6,569		Rent on Plant		6,569 	Customer Service Hotline Costs		$   8,190		Total Manuf Overhead			54,780 	Direct Labor		$   189,415		Total Manufacturing Costs Incurred during Period				262,532 					Total Manufacturing Costs to Account For				262,532 					Ending Work-in-Process Inventory				(17,000) 	Prepare a schedule of cost of goods manufactured for Nerdzy Computer Company for the month ended January 31, 2021.				Cost of Goods Manufactured				$   245,532 Grading Sheet 	Page			Correct Answer	Student Answer	Points			Total Points Earned	2 	Costs	CostsANS	C6	Product	0	0			Total Points Possible	95 	Costs	CostsANS	E6	Direct materials (DM)	0	0			Grade	2.11% 	Costs	CostsANS	C7	Product	0	0 	Costs	CostsANS	E7	Manufacturing overhead (MOH) 	0	0 	Costs	CostsANS	C8	Product	0	0 	Costs	CostsANS	E8	Manufacturing overhead (MOH) 	0	0 	Costs	CostsANS	C9	Product	0	0 	Costs	CostsANS	E9	Direct labor (DL)	0	0 	Costs	CostsANS	C10	Period	0	0 	Costs	CostsANS	E10	Expense	0	0 	Costs	CostsANS	C11	Product	0	0 	Costs	CostsANS	E11	Manufacturing overhead (MOH) 	0	0 	Costs	CostsANS	C12	Period	0	0 	Costs	CostsANS	E12	Expense	0	0 	Costs	CostsANS	C13	Period	0	0 	Costs	CostsANS	E13	Expense	0	0 	Costs	CostsANS	C14	Product	0	0 	Costs	CostsANS	E14	Manufacturing overhead (MOH) 	0	0 	Costs	CostsANS	C15	Period	0	0 	Costs	CostsANS	E15	Expense	0	0 	Costs	CostsANS	C16	Product	0	0 	Costs	CostsANS	E16	Manufacturing overhead (MOH) 	0	0 	Costs	CostsANS	C17	Period	0	0 	Costs	CostsANS	E17	Expense	0	0 	Costs	CostsANS	C18	Product	0	0 	Costs	CostsANS	E18	Direct materials (DM)	0	0 	Costs	CostsANS	C19	Product	0	0 	Costs	CostsANS	E19	Direct materials (DM)	0	0 	COGM	COGMANS	B4	Browned Butter Bakery	0	0 	COGM	COGMANS	B6	Month Ended March 31, 2018	0	0 	COGM	COGMANS	B9	Beginning Work-in-Process Inventory	0	0 	COGM	COGMANS	E9	1,800	0	0 	COGM	COGMANS	B10	Direct Materials Used	0	0 	COGM	COGMANS	D10	2,600	0	0 	COGM	COGMANS	B11	Direct Labor	0	0 	COGM	COGMANS	D11	3,200	0	0 	COGM	COGMANS	b12	Manufacturing Overhead	0	0 	COGM	COGMANS	d12	10,450	0	0 	COGM	COGMANS	b13	Total Manufacturing Costs Incurred during Period	0	0 	COGM	COGMANS	e13	16,250	0	0 	COGM	COGMANS	b14	Total Manufacturing Costs to Account For	0	0 	COGM	COGMANS	e14	18,050	0	0 	COGM	COGMANS	b15	Ending Work-in-Process Inventory	0	0 	COGM	COGMANS	e15	(1,100)	0	0 	COGM	COGMANS	b16	Cost of Goods Manufactured	0	0 	COGM	COGMANS	e16	16,950	0	0 	COGM	COGMANS	h4	16,950	0	0 	COGM	COGMANS	h5	17,000	0	0 	COGM	COGMANS	h6	1	0	0 	COGS	COGSANS	b3	Browned Butter Bakery	0	0 	COGS	COGSANS	b4	Schedule of Cost of Goods Sold	Schedule of Cost of Goods Sold	1 	COGS	COGSANS	b7	Beginning Finished Goods Inventory	0	0 	COGS	COGSANS	d7	624	0	0 	COGS	COGSANS	b8	Cost of Goods Manufactured	0	0 	COGS	COGSANS	d8	16,950	0	0 	COGS	COGSANS	b9	Cost of Goods Available for Sale	0	0 	COGS	COGSANS	d9	17,574	0	0 	COGS	COGSANS	b10	Ending Finished Goods Inventory	0	0 	COGS	COGSANS	d10	(1,196)	0	0 	COGS	COGSANS	b11	Cost of Goods Sold	0	0 	COGS	COGSANS	d11	16,378	0	0 	NerdzyCOGM	NerdzyCOGMANS	e4	Nerdzy Computer Company	0	0 	NerdzyCOGM	NerdzyCOGMANS	e5	Schedule of Cost of Goods Manufactured	0	0 	NerdzyCOGM	NerdzyCOGMANS	e6	Month Ended January 31, 2021	0	0 	NerdzyCOGM	NerdzyCOGMANS	e8	Beginning Work-in-Process Inventory	0	0

Prince · Accepted Answer

Instructions
	Critical Thinking 1- Managerial Accounting
	**Before you begin, save this file to your computer named as LastName, First Name CTA1
	Browned Butter Bakery has been baking coconut cookies for 27 years.  Classify manufacturing costs, and prepare schedules for the Cost of Goods Manufactured and the Cost of Goods Sold for the month ended March 31, 2021. Requirements 1-4 all refer to Browned Butter Bakery. 
	Requirements
	1.     COSTS: Use Excel to classify costs as described below.
	a.    Classify the costs as either period costs or product costs. 
			 i.     To classify the cost, click in the cell.  A drop down arrow will appear to the right.  Click the arrow and select either Product or Period.
	b.     Classify the product costs as direct materials, direct labor, or manufacturing overhead.
			i.     To identify the classification, click in the cell.  A drop down arrow will appear to the right.  Click the arrow.  If it’s a product cost, select direct materials, direct labor, or manufacturing overhead.  If it’s a period cost, select expense.
	2.    COGM:  Complete the Schedule of Cost of Goods Manufactured.  Use the blue shaded areas for inputs. Use the following amounts: 
				Direct Materials			2,600
				Direct Labor			3,200
				Manuf. Overhead			10,450
				Beg. WIP			1,800
				End WIP			1,100
	3.     COGM: Using the results from Requirement 2, calculate the cost per unit for goods manufactured.  Use the blue shaded areas for inputs. Use a formula to calculate the cost per unit.
			Units Manufactured		17000
	4.     COGS: Complete the Cost of Goods Sold schedule with the below inventory data.
			Beg. FG	650	units	@	0.96	per unit
			End FG	1200	units
	5.     NerdzyCOGM: Continuing Problem. You will continue to see information on Nerdzy Computer Company throughout the course. Navigate to tab "Req 5- Nerdzy COGM" where you will read the relevant information on the company and then prepare a COGM. 
	Helpful Hints:
	I highly recommend using the power of excel to your advantage (i.e. using cell references and formulas within excel). There are a few benefits to doing so. First, you will use Excel in industry regardless of your major, so it is great practice to start using it now. Second, using cell references minimizes chances of mistakes and allows you to quickly correct errors. Finally, it allows me to quickly see your calculations, which means I can award more partial credit than if I have to guess how you calculated something. 
	On each file you will find input areas that input areas that are shaded blue. There are also green cells that you can use to show your work (particularly if you aren't using excel formulas). All other cells are locked and cannot be editted. 
Costs
		Requirement 1
		1.  Identify the following as either a product cost or a period cost, and 
		2.  Select the appropriate product cost category, or select expense.						Student calculations / notes area
		Description	Cost Classification		Category
		Coconut flakes used in the cookies.	Product		Direct materials (DM)
		Depreciation on the ovens.	Product		Manufacturing overhead (MOH) 
		Wages for the bakery security guard.	Product		Manufacturing overhead (MOH) 
		Salaries of the bakers who make the cookies.	Product		Direct labor (DL)
		Insurance on the computers used in the accounting office.	Period		Expense
		Electricity for the bakery.	Product		Manufacturing overhead (MOH) 
		Heating for the corporate headquarters.	Period		Expense
		Freight for shipping the cookies to customers.	Period		Expense
		Salary of the baking supervisor.	Product		Manufacturing overhead (MOH) 
		CEO Salary	Period		Expense
		Wages for the bakery janitor	Product		Manufacturing overhead (MOH) 
		Wages for the corporate headquarters janitor	Period		Expense
		Flour for the cookies	Product		Direct materials (DM)
		Packaging Materials for the cookies	Product		Manufacturing overhead (MOH) 
COGM
		Requirement 2:  Complete the Schedule of Cost of Goods Manufactured.					Requirement 3:  Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming:
								17000	units were manufactured.
		Browned Butter Bakery					Cost of Goods Manufactured	$   16,950
		Schedule of Cost of Goods Manufactured					Total Units Produced	17,000
		For the Month Ending Mar 31, 2021					Unit Product Cost	$   1.00
		Beginning Work-in-Process Inventory			$   1,800
		Direct Materials Used		$   2,600
		Direct Labor		3,200
		Manufacturing Overhead		10,450
		Total Manufacturing Costs Incurred during Period			16,250
		Total Manufacturing Costs to Account For			18,050
		Ending Work-in-Process Inventory			1,100
		Cost of Goods Manufactured			$   16,950
		Student calculations / notes area
COGS
		Requirement 4:  Complete the Cost of Goods Sold schedule.
		Browned Butter Bakery
		Schedule of Cost of Goods Sold
		For the Month Ending Mar 31, 2021
		Beginning Finished Goods Inventory		$   624
		Cost of Goods Manufactured		16,950
		Cost of Goods Available for Sale		17,574
		Ending Finished Goods Inventory		1,196
		Cost of Goods Sold		$   16,378
		Student calculations / notes area
NerdzyCOGM
	This is the first problem in a sequence of problems that you will see throughout the course for Nerdzy Computer Company, a manufacturer of personal computers and tablets. During its first month of manufacturing, Nerdzy Computer Company incurred the following manufacturing costs:				Use the space below to prepare the COGM for Nerdzy Computer Company. Only enter information in the blue shaded cells.

InstructionsCritical Thinking 1- Managerial Accounting**Before you begin, save this file to your computer named as LastName, First Name CTA1Browned Butter Bakery has been baking coconut...

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