All answers must be entered as a formula

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. ? 3 1 3 Cost of Goods Manutactured and Cost of Goods Sold - Excel FILE REVIEW Sign in VIEW PAGE LAYOUT HOME INSERT FORMULAS DATA M 0 Cells Editing Paste Call % BIU 2. SA . Alignment Number Conditional Formatas Cell Formatting Table Styles Styles Clipboard Font F40 H G . D c A B 22 Actual overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 Total overhead applied 26 (Over) or under applied overhead X Call M -11 % AA A - Alignment Number Conditional Formatos Cell Formatting" Table Styles Cells Editing Paste BIU BE- Clipboard Font Styles F40 X > H G B D E 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 32 Direct materials 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 35 Less: Ending raw materials inventory 36 Raw materials used in production 37 Direct labor Was OS PUROCOON 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 42 Cost of goods manufactured 43 44 3. Prepare an income statement 45 Stanford Enterprises 46 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 1,500,000 1,500,000 16 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 LessSelins, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 59 60 61 Sheets READY Attempts) 100 Hint 3/3 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. ? 3 1 3 Cost of Goods Manutactured and Cost of Goods Sold - Excel FILE REVIEW Sign in VIEW PAGE LAYOUT HOME INSERT FORMULAS DATA M 0 Cells Editing Paste Call % BIU 2. SA . Alignment Number Conditional Formatas Cell Formatting Table Styles Styles Clipboard Font F40 H G . D c A B 22 Actual overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 Total overhead applied 26 (Over) or under applied overhead X Call M -11 % AA A - Alignment Number Conditional Formatos Cell Formatting" Table Styles Cells Editing Paste BIU BE- Clipboard Font Styles F40 X > H G B D E 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 32 Direct materials 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 35 Less: Ending raw materials inventory 36 Raw materials used in production 37 Direct labor Was OS PUROCOON 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 42 Cost of goods manufactured 43 44 3. Prepare an income statement 45 Stanford Enterprises 46 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 1,500,000 1,500,000 16 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 LessSelins, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 59 60 61 Sheets READY Attempts) 100 Hint 3/3