1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. ? VIEW Sign In Cost of Goods Manufactured and Cost of Goods Sold - Excel d, FILE HOME INSERT PAGE LAYOUT Calibri 11 A A Paste BIU Clipboard Font A1 A B C FORMULAS % DATA REVIEW Alignment Number Conditional Format as Cell Formatting Table Styles Styles fx Stanford Enterprises uses job-order costing. D 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 7 Actual total direct labor hours E $ 275,000 25,000 27,760 Cells Editing F G H > 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year: 10 11 12 13 Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs 14 Inventories: $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 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. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost 22 23 24 25 26 Predetermined overhead rate Actual direct labor hours Manufacturing overhead applied 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 31 32 Stanford Enterprises Schedule of Cost of Goods Manufactured 33 Direct materials: 34 Raw materials inventory, beginning 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 43 Total cost of work in process 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 47 3. Prepare a schedule of cost of goods sold. 48 49 50 51 Stanford Enterprises Schedule of Cost of Goods Sold 52 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 59 60 61