One-Variable Data Table Your maximum weekly production capability is 200 gallons. You would like to create a one-variable data table to measure the impact of Production Cost, Gross Profit, and Net Profit based on selling between 10 and 200 gallons of paint within a week. a. Start in cell E3. Complete the series of substitution values ranging from 10 to 200 at increments of 10 gallons vertically down column E. b. Enter references to the Total Production Cost, Gross Profit, and Net Profit in the correct location for a one-variable data table. c. Complete the one-variable data table, and then format the results with Accounting Number Format with two decimal places. d. Apply custom number formats to make the formula references appear as descriptive column headings. Bold and center the headings and substitution values. e. Answer question 2 on the Q&A worksheet. Save the workbook. Two-Variable Data Table Your company is considering raising the manufacturing employees’ hourly wages. Employees are currently earning $15 per hour; however, you would like to review the impact of profit if the salaries were between $15 and $40 per hour. You will create a two-variable data table to complete the task. a. Copy the number of gallons produced substitution values from the one-variable data table, and then paste the values starting in cell E26. b. Type $15 in cell F25. Complete the series of substitution values from $15 to $40 at $5 increments. c. Enter the reference to net profit formula in the correct location for a two-variable data table. d. Complete the two-variable data table and format the results with Accounting Number Format with two decimal places. e. Apply a custom number format to make the formula reference appear as a descriptive column heading. Bold and center the headings and substitution values. f. Answer questions 3 and 4 on the Q&A worksheet. Save the workbook. Scenario Manager To this point you have created forecasts based on static production amounts; however, it is important to plan for both positive and negative outcomes. To help you analyze best, worst, and most likely outcomes, you will use Scenario Manager. a. Create a scenario named Best Case, using Units Sold, Unit Selling Price, and Employee Hourly Wage. Enter these values for the scenario: 200, 30, and 15. b. Create a second scenario named Worst Case, using the same changing cells. Enter these values for the scenario: 100, 25, and 20. c. Create a third scenario named Most Likely, using the same changing cells. Enter these values for the scenario: 150, 25, and 15. d. Generate a scenario summary report using the Total Production Cost and Net Income. e. Format the summary as discussed in the chapter. f. Answer question 5 on the Q&A worksheet. Save the workbook. Use Solver You realize the best-case scenario may not be realistic. You have decided to continue your analysis by using Solver to determine the perfect production blend to maximize net income while most efficiently using raw materials and labor hours. a. Load the Solver add-in if it is not already loaded. b. Set the objective to calculate the highest Net Income possible. c. Use the units sold as changing variable cells. d. Use the Limitations section of the spreadsheet model to set a constraint for raw materials. e. Set constraints for labor hours. f. Set constraints for maximum production capability. g. Solve the problem. Generate the Answer Report. If you get an internal memory error message, remove Solver as an add-in, close the workbook, open the workbook, add Solver in again, and finish using Solver. h. Answer questions 6 through 8 on the Q&A worksheet. Apply landscape orientation to the Q&A worksheet. Save the workbook. i. Create a footer on all five worksheets with your name on the left side, the sheet name code in the center, and the file name code on the right side. j. Save and close the file. Based on your instructor’s directions, submit e06c1Manufacturing_LastFirst. Delta Paint One-Variable Data Table: Production Input Units Sold 100 Unit Selling Price $30.00 Employee Hourly Wage $15.00 Maximum Capabilty per week 200 Limitations Raw Materials in Units 15000 Required raw materials per unit 3 Required Labor Hours Per Gallon 0.25 Labor Hours available 2,000 Expenses Raw Materials Consumed 300 Labor Hours Consumed 25 Total Production Cost $375.00 Income Gross Profit $3,000 Net Profit $2,625 Two-Variable Data Table: Production and Manufacturing Time Your Answers Question 1) How many units must be sold to exhaust all raw materials and why is the not a feasible option? 2) For the one-variable data table, how many units muse be sold to Net over $5000? 3) For the two-variable data table, if the hourly wage is raised to $20.00 per hour, how many units must be sold to Net $4000? 4) For the two-variable data table, if the hourly wage is raised to $40.00 per hour, how many units must be sold to Net $4000? 5) What is the Net income based on the best case scenario? 6) What is the most profit you can generate within the constraints using Solver? 7) How many labor hours are consumed when net profit is maximized? Step by step please 8) What is the total production costs when profit is maximized?
One-Variable Data Table Your maximum weekly production capability is 200 gallons. You would like to create...
You are the owner of a small chain of bookstores. To catalog your inventory, create a list of at least 25 books using an Excel table. Include the title, author, category and price. Choose one of the available table formats. When finished adding books, sort your list by category. Add relevant WordArt to your worksheet. Name this worksheet “Inventory”. Save your workbook with the name: Odd_Books_ltd.xls. Add a new worksheet that lists total sales by store for each quarter. Include...
1. Just Like Fred Astaire Corporation has provided you with the following labor data concerning one of the products in its standard cost system. The following data are available for April: Actual direct labor cost incurred: $113,100 Actual direct labor hours worked: 2,500 direct labor hours Direct labor rate variance: $600 U Direct labor spending variance: $3,000 F The standard number of direct labor hours allowed for April production is closest to: a. 2,420 hours b. 2,593 hours c. 2,580...
You are the systems manager for Blue City Movies Rentals and you have been asked to create a report on historical sales data. To complete your task you will combine and edit data from multiple sources using Excel’s Power add-ins, XML, and text functions.Instructions:For the purpose of grading the project you are required to perform the following tasks:StepInstructionsPoints Possible1Open e10c2MovieRentals.xlsx and save the workbook with the name e10c2MovieRentals_LastFirst.02Import the movie data from the delimited file e10c2Movies.txt and rename the new worksheet Inventory.Hint: On the Data tab,...
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 4 pounds at $9 per pound Direct labor: 3 hours at $15 per hour Variable overhead: 3 hours at $6 per hour Total standard cost per unit $ 36 45 18 $ 99 The planning budget for March was based on producing and selling 26,000 units. However, during March the company...
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 4 pounds at $8 per pound $ 32 Direct labor: 2 hours at $16 per hour 32 Variable overhead: 2 hours at $6 per hour 12 Total standard cost per unit $ 76 The planning budget for March was based on producing and selling 32,000 units. However, during March the company...
Check my Work Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: $ 45 Direct materials: 5 pounds at $9 per pound Direct labor: 3 hours at $14 per hour Variable overhead: 3 hours at $9 per hour Total standard cost per unit 2 $ 114 The planning budget for March was based on producing and selling 20,000 units. However, during March...
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $10 per pound $ 50 Direct labor: 4 hours at $14 per hour 56 Variable overhead: 4 hours at $4 per hour 16 Total standard cost per unit $ 122 The planning budget for March was based on producing and selling 29,000 units. However, during March the company...
Ace, Inc. has the following cost data for Product X, and unit product cost using variable costing when production is 2,000 units, 2,500 units, and 5,000 units. (Click on the icon to view the data.) (Click on the icon to view the unit product cost data.) Product X sells for $162 per unit. Assume no beginning inventories. Calculate the contribution margin using variable costing when Ace: a. Produces and sells 2,000 units. b. Produces 2,500 units and sells 2,000 units....
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $8.00 per pound Direct labor: 2 hours at $14 per hour Variable overhead: 2 hours at $5 per hour Total standard cost per unit $ 40.00 28.00 10.00 $78.00 The planning budget for March was based on producing and selling 25,000 units. However, during March the company actually...
1. What raw materials cost would be included in the company’s planning budget for March? 13. What variable manufacturing overhead cost would be included in the company’s flexible budget for Marc 14. What is the variable overhead rate variance for March? (Round the actual overhead rate to two decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) 15. What...