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...

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 a
ow will appear to the right. Click the a
ow 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 a
ow will appear to the right. Click the a
ow. 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 co
ect e
ors. 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 janito
        Wages for the corporate headquarters janito
        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 incu
ed 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        Ilm
sm04!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 Labo
                    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 Incu
ed during Period
                    Total Manufacturing Costs to Account Fo
                    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 Incu
ed 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 incu
ed 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 Incu
ed 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            Co
ect 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 Incu
ed 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