20 FILE HOME INSERT Calibri Paste BIU 00:35:37 Clipboard Skipped F22 eBook A B Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 ' ' % Alignment Number Conditional Format as Formatting Table Styles Cell Cells Editing Font fx =E12 C Styles Sign In D E 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: Purchase of raw materials (all direct) 10 11 Direct labor cost 12 13 Manufacturing overhead costs 14 Inventories: 15 Raw materials (all direct) 16 Work in process 17 Finished goods $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 Beginning Ending $ 15,000 $ 11,375 $ 27,875 $ 22,350 $ 34,600 $ 26,450 ^ B C D E F G H 20 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 00:34:04 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost Skipped 23 Predetermined overhead rate 24 Actual direct labor hours 25 Manufacturing overhead applied eBook 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 READY Sheet1 $ 302,750 B + 100% B D E F G H 20 00:33:49 Skipped 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. eBook 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 READY Attempt(s) Sheet1 + 100% Hint Show Me