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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. ? X Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW - Sign In FILE HOME INSERT Calibri 11 3- A A A Paste B I U . Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font F22 1 Stanford Enterprises uses job-order costing. 2 Overhead is applied on the basis of direct labor hours. 3 The following information relates to the year just ended. 4 Data: 5 Estimated total overhead costs $ 275,000 6 Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27,760 10 9 Actual costs for the year: Purchase of raw (direct) materials 11 Direct labor cost 12 Manufacturing overhead $ $ $ 375,000 536,300 302,750 $ 14 Inventories: 15 Raw Materials (All Direct) Work in Process 17 Finished Goods Beginning $ 15,000 27,875 34,600 Ending 11,375 22,350 26,450 16 19 Use the data to answer the following. 21 1. Overhead: 22 Actual overhead cost 23 Predetermined overhead rate Actual direct labor hours 25 Total overhead applied 27 (Over) or under applied overhead 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises 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 38 Manufacturing overhead applied 39 Total current manufacturing costs 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Cost of goods manufactured 44 3. Prepare an income statement. Stanford Enterprises Income Statement 47 Sales revenue 48 Less: Cost of Goods Sold $ 1,500,000 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 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income .. Sheet1 ... 0 0 - + 100% READY Attempt(s) 3/3

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