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 DB5 Cost of Goods Manufactured and Cost of Goods Sold - Excel Ch2 Excel Simulations F22 H F E D 1 1 B 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 $ 275,000 6 Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27,760 13 points eBook 8 References 10 375.000 536,300 302,750 9 Actual costs for the year: Purchase of raw (direct) materials $ 11 Direct labor cost S 12 Manufacturing overhead S 13 14 Inventories: Beginning 15 Raw Materials (All Direct) $ 15,000 $ 16 Work in Process 27.875 17 Finished Goods 34,600 18 19 Use the data to answer the following. 20 21 1 Overhead: 22 Actual overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours Sheet1 Ending 11,375 22,350 26,450 READY Attempo 100% Show Me 5/5 Hint B C D E F G es 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 19 Use the data to answer the following. 20 21 1. Overhead: 22 Actual overhead cost 23 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: 30 Stanford Enterprises 31 Cost of Goods Manufactured Report Sheet1 READY Attempt(s) cel Simulations Saved B D E F G H 30 31 35 Stanford Enterprises Cost of Goods Manufactured Report 32 Direct materials: 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 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 ok nces 42 $ 1,500,000 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 Sheet1 49 4 READY Attempt(s) LI + 100% Show Me Hint Drou RE Ch2 Excel Simulations Seved D E F H 1 B 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 + ints 45 46 s cBook 1,500,000 eferences 44 3. Prepare an income statement. Stanford Enterprises Income Statement 47 Sales revenue 48 Less: Cost of Goods Sold 49 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 55 Gross Profit 56 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 59 60 61 Sheet1 READY Attempt(s) E L 100% Hint Show Me
