1. Compute a predetermined overhead rate. 2. Preoare schedules of cost of ooods manufactured and cost of noods sold 18 19 Use the data to answer the following. 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours Manufacturing overhead applied Underapplied (overapplied) manufacturing overhead 2. Prepare a schedule of cost of goods manufactured: Stanford Enterprises Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning 35 Add: Purchases of raw materials 36 Total raw materials available 37 Deduct: Raw materials inventory, ending A1 \begin{tabular}{|c|c|} \hline 33 & A \\ \hline 34 & Direct materials: \\ \hline & Raw materials \end{tabular} B C D E F G 35 Add: Purchases of raw materials 36 Total raw materials available 37 Deduct: Raw materials inventory, ending 38 Raw materials used in production 39 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 42 Add: Beginning work in process inventory 43 Total cost of work in process 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 7 3. Prepare a schedule of cost of goods sold. 48 49 50 51 Stanford Enterprises Schedule of Cost of Goods Sold Finished goods inventory, beginning 53 Add: Cost of goods manufactured 54 Cost of goods available for sale 55. Deduct: Finished goods inventory, ending 56 Unadjusted cost of goods sold \begin{tabular}{|l|c|} \hline A & B \\ \hline Total manufacturing costs \\ \hline Add: Beginning work in process inventory \end{tabular} 43 Total cost of work in process 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 3. Prepare a schedule of cost of goods sold. Stanford Enterprises Schedule of Cost of Goods Sold Finished goods inventory, beginning 53 Add: Cost of goods manufactured 54 Cost of goods available for sale 55 Deduct: Finished goods inventory, ending 56 Unadjusted cost of goods sold 57 Underapplied (overapplied) overhead 58 Adjusted cost of goods sold 596061