Calculating Cost of Goods Manufactured and Cost of Goods Sold using Excel's SUM and Basic Math Functions Paste FILE Clipboard Al 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. 10 HOME 11 Calibri INSERT PAGE LAYOUT BIU- Font BB- X 9 Actual costs for the year: 5 Estimated total overhead costs 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 11 Cost of Goods Manufactured and Cost of Goods Sold-Excel DATA REVIEW VIEW Purchase of raw (direct) materials Direct labor cost 12 Manufacturing overhead 13 D 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: A A f FORMULAS % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Stanford Enterprises uses job-order costing. E $ $ $ S 275,000 25,000 27,760 375,000 536,300 302.750 < Prev F 11 of 11 G Cells 200 Editing H Next > Sign In B D 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 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year: 10 Purchase of raw (direct) materials 11 Direct labor cost 12 Manufacturing overhead 13 14 Inventories: 15 16 17 18 19 Ise the data to answer the following. Raw Materials (All Direct) Work in Process Finished Goods $ Beginning $ 15,000 $ 27,875 34,600 $ $ $ E 275,000 25,000 27,760 375,000 536,300 302,750 Ending 11,375 22,350 26,450 FL G H A B 20 21 1. Overhead: 22 Actual overhead cost 23 Predetermined overhead rate 24 25 26 27 28 Actual direct labor hours Total overhead applied (Over) or under applied overhead 29 2. Prepare a schedule of cost of goods manufactured: 30 31 32 Direct materials: 33 Beginning raw materials inventory Plus: Raw materials purchased 34 35 Less: Ending raw materials inventory 36 Raw materials used in production 37 Direct labor D Stanford Enterprises Cost of Goods Manufactured Report 38 Manufacturing overhead applied 39 Total current manufacturing costs Sheet1 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Cost of goods manufactured 42 43 E F G H A1 61 B 4 Font 44 3. Prepare an income statement. 45 46 D 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Cost of goods manufactured 42 43 51 52 53 54 Adjusted cost of goods sold 55 Gross Profit READY Attemptie) f 47 Sales revenue 48 Less: Cost of Goods Sold 49 Finished goods inventory, beginning 50 Plus: Cost of goods manufactured Less: Ending finished goods inventory Unadjusted cost of goods sold Underapplied (overapplied) overhead Sheet1 Stanford Enterprises uses job-order costing. F Stanford Enterprises Income Statement 56 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 59 60 Format as Cell Formatting Table Styles Styles E G Cells $ 1,500,000 E Editing H Hinh - 100% + Shall Ma