1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Ruler Formula Bar 100 Normal Page Break Page Custom Gridlines Headings Preview Layout Views Zoom 100% Zoom to Selection Window Macros Workbook Views Show Zoom Macros A1 A B fx C D Stanford Enterprises uses job-order costing. E 1 Stanford Enterprises uses job-order costing. 2 Overhead is applied on the basis of direct labor hours. 3 The following information relates to the year just ended. 4 Data: 5 Estimated total overhead costs 6 Estimated total direct labor hours $ 275,000 25,000 F Sign In G H I < > 8 9 Actual costs for the year: 10 Purchase of raw (direct) materials $ 375,000 11 Direct labor cost $ 536,300 12 Manufacturing overhead $ 302,750 13 14 Inventories: Beginning Ending 15 Raw Materials (All Direct) $ 15,000 $ 11,375 16 Work in Process 27,875 22,350 17 Finished Goods 34,600 26,450 18 22 23 19 Use the data to answer the following. 20 21 1. Overhead: Actual overhead cost Predetermined overhead rate 24 Actual direct labor hours 25 Total overhead applied 26 27 (Over) or under applied overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 00 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises Cost of Goods Manufactured Report 31 32 Direct materials: 33 34 Plus: Raw materials purchased 35 Beginning raw materials inventory Less: Ending raw materials inventory 36 Raw materials used in production 37 Direct labor 38 Manufacturing overhead applied 39 Total current manufacturing costs 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Cost of goods manufactured 42 43 44 3. Prepare an income statement. Stanford Enterprises Income Statement $ 1,500,000 44 45 46 47 Sales revenue 48 Less: Cost of Goods Sold 49 50 51 Finished goods inventory, beginning Plus: Cost of goods manufactured Less: Ending finished goods inventory 44 3. Prepare an income statement. 45 46 47 Sales revenue 48 Less: Cost of Goods Sold 49 50 51 52 Stanford Enterprises Income Statement $ 1,500,000 Finished goods inventory, beginning Plus: Cost of goods manufactured Less: Ending finished goods inventory Unadjusted cost of goods sold 53 Underapplied (overapplied) overhead 54 Adjusted cost of goods sold 55 Gross Profit 56 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 59 60 61 < Prev 4 of 4 Screenshot