Calculating Cost of Goods Manufactured and Cost of Goods Sold using Excel's SUM and Basic Math Functions 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. 70 Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME INSERT Sign In Calibri 11 -A A % Cells Editing Paste BIU- Alignment Number Conditional Formatas Cell Formatting Table Styles Styles 7 Clipboard Font Stanford Enterprises uses job-order costing AI F G H 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 II $ 536 300 Direct labor cost $ 302.750 12 Manufacturing overhead 13 Next 11 of 11 B D > F 0 H 1 Pormat as Cell Formatting" Table Styles - Font Styles A1 ! Stanford Enterprises uses job-order costing. E 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 $ 1.500.000 48 Less: Cost of Goods Sold 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 49 59 60 61 Sheet1 READY 100% Atomtal Mint M