1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. X 5 Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW 7 FILE HOME INSERT Sign In Calibri AA % Paste BIU Cells Editing Alignment Number Conditional Format as Cell Formatting" Table Styles Styles Clipboard Font AI Stanford Enterprises uses job-order costing. B D E F G 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 ences 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 $ 275,000 25,000 27,760 $375,000 S536,300 S302,750 9 Actual costs for the year: 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 14 Inventories: 15 Raw materials (all direct) 16 Work in process Finished goods Beginning S 15.000 S 27.875 S 34,600 S S S Ending 11,375 22.350 26,450 17 19 Use the data to answer the following. 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: the 1 of 1 MacBook Air 12 BO 3 $ 4 % 5 & 7 2 3 6 Connect Simulation Saved Clipar TO Styles A1 fx Stanford Enterprises uses job-order costing. G B D E F 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 25 Manufacturing overhead applied 26 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 31 Stanford Enterprises 32 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 Sheet1 READY Attempts) 1 of 1 MacBook Air 20 000 ODD F4 FS Saved ppoaru POTIL Styles A1 X Stanford Enterprises uses job-order costing, 1 B E F G H . ts Book D 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 47 3. Prepare a schedule of cost of goods sold. 48 Stanford Enterprises 50 Schedule of Cost of Goods Sold 51 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 Print 49 References Sheet1 READY Allemple) L 100%
