Answers should be in formulas

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