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 Sign in Calibri 11 96 ME Paste - BIU Alignment Number Cells Editing cond tional Format as Cell Formatting Table Styles Star Clipboard Font A1 Stanford Enterprises uses job-order costing G A B O E Stanford Enterprises uses job-order casting Overhead is applied on the basis of direct aber nouns The following information relates to the vended IS Estimate total avec Estated oth directe A 275.000 25.000 TO WWW Saved B D F G H C E 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: 275,000 25,000 27,760 375,000 536,300 302.750 5 Estimated total overhead costs $ 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year 10 Purchase of raw (direct) materials $ 11 Direct labor cost S 12 Manufacturing overhead $ 13 14 Inventories: Berning 15 Raw Materials (All Direct) $ 15,000 5 16 Work in Process 27.875 17 Finished Goods 94.600 18 19 Use the date to answer the following 20 21 1 Overhead 22 Actual overhead coat Predetermined overnando Actual direct labor hours She Ending 1,375 22.350 26,450 signment Saved D E F G H 1 B 25 Total overhead applied 26 27 (Over) or under applied overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises 31 Cost of Goods Manufactured Report 32 Direct materials: 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 35 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 43 44. 3. Prepare an income statement 45 Stanford Enterprises Income Statement 47 Sales revenue 48 Lens Cost of Goods Sold Shoot 42 45 $ 1,500,000 Prev o - Assignment Seved B C E G H D 40 Plus: Beginning work in process inventory 41 Less Ending work in process inventory Cost of goods manufactured 42 43 $ 1,500,000 49 44 3. Prepare an income statement 45 Stanford Enterprises 46 Income Statement 47 Sales revenue 48 Less: Cost of Goods Sold Finished goods inventory, beginning 50 Plus: Cost of goods manufactured 51 Less: Ending finished goods inventory 52 Unadjusted cost of goods sold 53 Underapplied (overapplied) overhead 54 Adjusted cost of goods sold Gross Profit 56 less: Sellingeneral, and administrative expenses (10% of Sales) 57 Net Operating income 58 59 60 61 Sheets & Prev 4 of 4 III o