Excel Applications for Accounting Principles 4th Edition by Gaylord Smith

Exercise 4

PROBLEM DATA
Nutt Products manufactures screws and bolts made to customer specifications. During August, Nutt incurred the following manufacturing costs: direct materials, $28,019.00; direct labor, $15,276.75; and applied factory overhead, $9,854.50. The following data pertain to these costs:

The overhead application rates are $4 per direct labor hour for Dept. 1 and 175% of direct labor cost for Dept. 2.
Nutt had no beginning work in process for August. Job 8958, which cost $14,190.18 to manufacture, was completed in July and was sold on account in August for $19,000. The job cost sheet for this job is shown on page 103. Of the jobs begun in August, Job 8961 was completed and sold on account for $24,000, Jobs 8962 and 8964 were completed but not sold, and Job 8963 was still in process.
REQUIREMENT
Open the file JOB from the website for this book at cengagebrain.com. There are 13 fairly simple formulas to enter on this worksheet. Using the printout of Job 8958, you can determine that FORMULA1 must be =E12*F12. Enter the 13 formulas in the appropriate cells on the worksheet. This worksheet will be used to compute the total cost of each job worked on. It will simplify matters to save the completed version of JOB before entering specific job data on it. Save your empty worksheet with the formulas on it as JOB2. Also print your formulas.