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. 1 ? Cost of Goods Manufactured and Cost of Goods Sold - Excel D 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. Data: Estimated total overhead costs $ 275,000 6. Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27,760 8 59 Actual costs for the year. 10 Purchase of raw (direct| materials 375,000 11 Direct labor cost 536,300 12 Manufacturing overhead 02,7 13 1nventories Beginning Ending 15 Raw Materials [All Direct) $ 15,000 $ 11,375 1.16 Work in Process 27,875 22,350 Finished Goods 34,600 26,450 . 17 -18 19 Use the data to answer the following. 20 -21 1. Overhead: ZZ Actual overhead cost 23 Predetermined overhead rate 54 H BAN 122 Actual overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 T Total overhead applied 327 (Over) or under applied overhead 29 HET 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises Cost of Goods Manufactured Report 32 Direct materials: 433 Beginning raw materials inventory Plus: Raw materials purchased 1357 Less: Ending raw materials inventory 135-RW materials used in production 37. Direct labor 138 Manutacturing overhead applied 139 Total current manufacturinr costs 40 Plus: Beginning work in process inventory 101 Less: Ending work in process inventory 4 Cost of goods manufactures HE LILLO 2. Prepare an income statement, Conntak H 404 Plus: Beginning work in process inventory 11. Less Ending work in process inventory Cost of goods manufactured 1,500,000 3. Prepare an income statement. *S Stanford Enterprises lapome Statement 7 Sales revenue 48 Less: Cost of Goods Sold 491 Finished goods Inventory, beginning Solus: cost of goods manufactured $1 tess, Ending finished goods inventory. Unadjusted cost of goods sold 39. Undgrapplied overapplied) overhead Adjusted cost of goods sold 62 sing Cererat, and administra Ne Onesting Throme