- Calculate and dispose of overapplied or underapplied manufacturing overhead.
- Calculate the cost of goods manufactured and cost of goods sold.
- Prepare an income statement for a manufacturing firm.
Please Give Excel Format!!!!!!! Please!!!!!Help!!!! Example(=A6+A10)
Cost of Goods Manufactured and Cost of Goods Sold - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In 11 Calibri 11 AA % Paste B I U - - A - Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font G54 foc F G H 1 A B D E 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 8 9 Actual costs for the year: 10 Purchase of raw (direct) materials $ 375,000 11 Direct labor cost $ 536,300 12 Manufacturing overhead $ 302,750 13 14 Inventories: Beginning Ending 15 Raw Materials (All Direct) $ 15,000 $ 11,375 16 Work in Process 27,875 22,350 17 Finished Goods 34,600 26,450 18 19 Use the data to answer the following. Cost of Goods Manufactured and Cost of Goods Sold - Excel ? FILE INSERT N DATA PAGE LAYOUT REVIEW VIEW HOME | Calibri Sign In A FORMULAS M % W X 11 ' Paste BIU- - Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font G54 V A B C D E F H 1 $ 302,750 305,360 $ (2,610) 19 Use the data to answer the following. 20 21 1. Overhead: 22 Actual overhead cost 23 Predetermined overhead rate $ 11 24 Actual direct labor hours 27,760 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 $ 15,000 34 Plus: Raw materials purchased 375,000 35 Less: Ending raw materials inventory (11,375) 36 Raw materials used in production 37 Direct labor $ 378,625 536.300 Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 % Paste BIU- A- Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font G54 E G H 1 $ F 378,625 536,300 305,360 1,220,285 27,875 (22,350) 1,225,810 $ $ A B C D 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 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 $ 34,600 1,225,810 (26,450) 1,233,960 (2,610) $ 27,875 (22,350) 1,225,810 $ 1,500,000 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 55 Gross Profit 56 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 59 60 34,600 1,225,810 (26,450) 1,233,960 (2,610) 61 Sheet1 READY + 100% Attempt(s) 4/6 Hint
