1. Calculate and dispose of overapplied or underapplied manufacturing overhead.
2. Calculate the cost of goods manufactured and the cost of goods sold.
3. Prepare an income statement for a manufacturing firm.

Cost of Goods Manufactured and Cost of Goods Sold - Excel ? 0 X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In X Calibri 11 % Paste BIU- Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font F15 F G H 1 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. TIJ X B D E H I 18 19 Use the data to answer the following. 20 21 1. Overhead: 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 38 Manufacturing overhead applied 39 Total current manufacturing costs 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Sheet1 + 100% READY Attempt(s) Hint