Accounting Questions Required Information The Excel Workshee

Accounting Questionsrequired InformationThe Excel Worksheet Form That

Accounting Questions Required information The Excel worksheet form that is attached below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter. Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B13 enter the formula "= B5". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text. Check your worksheet by changing the estimated total amount of the allocation base in the Data area to 50,000 machine-hours, keeping all of the other data the same as in the original example. If your worksheet is operating properly, the predetermined overhead rate should now be $6.00 per machine-hour. If you do not get this answer, find the errors in your worksheet and correct them. You will use the attached excel worksheet to answer the questions in Part 2. There are 6 questions total to answer.

Paper For Above instruction

The task involves working with an Excel worksheet to analyze manufacturing overhead allocation for Turbo Crafters, a hypothetical company used as an example in a chapter about managerial accounting and cost allocation. The instructions guide the student to recreate a specific part of the example by entering formulas to ensure accuracy and learn the process of cost allocation calculation.

Firstly, the student is instructed to download a provided Excel worksheet named "Applying Excel form." This worksheet contains cells marked with question marks where formulas need to be inputted. For instance, in cell B13, the formula "= B5" should be entered, and similarly, formulas are to be inserted in all other cells with question marks. The purpose of these formulas is to automatically perform calculations such as cost allocations, predetermined overhead rates, or other relevant figures derived from raw data.

After entering the formulas, verification is essential. The student is advised to compare the dollar amounts calculated in the worksheet with the example presented earlier in the chapter. Once confirmed, a practical test is to be conducted: changing the estimated total machine-hours in the Data area to 50,000. This tests whether the worksheet dynamically updates the overhead rate to $6.00 per machine-hour, consistent with the example calculations.

This exercise demonstrates critical principles of cost accounting—especially the process of activity-based costing or traditional overhead allocation—and emphasizes the importance of formula accuracy in financial modeling in Excel. It also helps reinforce understanding of how changes in activity levels affect cost per unit or cost rate calculations.

The student is told that if the recalculation does not yield the overhead rate of $6.00 per machine-hour, errors must be identified and corrected. These errors could involve incorrect cell references, miscalculations, or formula errors. Accuracy in these calculations ensures reliable cost management insights, management decision-making, and product pricing strategies.

The overall goal of the exercise is to develop proficiency in developing, verifying, and troubleshooting Excel models used for managerial accounting purposes. The worksheet serves as a tool to simulate real-world scenarios where managers frequently update activity data and need accurate, automatic recalculations of cost rates. Ultimately, this sets the foundation for understanding more advanced costing methods and supports strategic financial planning.

In the subsequent Part 2 of the assignment, the student will answer six specific questions based on this worksheet. These questions are designed to test comprehension of the concepts and ability to interpret the data generated from the worksheet, such as understanding overhead application rates, allocation methods, and their implications on cost analysis.

Overall, this exercise underscores the importance of attention to detail, accuracy in formula entry, and dynamic data modeling in accounting, emphasizing how Excel tools support cost control and financial analysis in managerial settings.

References

• Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2020). Managerial Accounting (16th ed.). McGraw-Hill Education.
• Horngren, C. T., Datar, S. M., & Rajan, M. (2018). Cost Accounting: A managerial emphasis (16th ed.). Pearson.
• Drury, C. (2018). Management and Cost Accounting (10th ed.). Cengage Learning.
• Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2019). Financial & Managerial Accounting (11th ed.). Wiley.
• Kaplan, R. S., & Anderson, S. R. (2004). Time-driven Activity-based Costing. Harvard Business Review, 82(11), 131-138.
• Holtz, P., & Brink, J. (2015). Cost Accounting: Foundations and Evolution for Better Decision-Making. Journal of Accounting Education, 33(1), 24-33.
• Lockwood, A., & Lyons, T. (2014). Advanced Cost Management Techniques. International Journal of Management & Applied Research, 1(2), 154-167.
• Warfield, T. D. (2015). Practical Excel and Cost Management Applications in Business. Journal of Business & Financial Affairs, 4(2), 115-123.
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• Anthony, R. N., & Govindarajan, V. (2019). Management Control Systems (13th ed.). McGraw-Hill Education.