1. Compute a predetermined overhead rate.
2. Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.

HUIVIE INSERI PAGL LAYUUT PURIVIULAS DAIA REVIEW Jy II Calibri -111A = % H D M Paste B I U. . - A Editing Alignment Number Conditional Format as Cell Formatting" Table Styles Styles Cells - Clipboard Font A1 X Fac Stanford Enterprises uses job-order costing. 1 Stanford Enterpises uses job-order costing. 2 The allocation base for overhead is direct labor hours. $ 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 7 Actual total direct labor hours 275,000 25,000 27,760 9 Actual costs for the year: 10 Purchase of raw materials (all direct) 11 Direct labor cost Manufacturing overhead costs $375,000 $536,300 $302,750 14 Inventories: Raw materials (all direct) Work in process Finished goods Beginning $ 15,000 $ 27,875 S 34,600 Ending 11,375 22,350 26,450 $ $ $ 16 19 Use the data to answer the following. 22 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost 23 Predetermined overhead rate Actual direct labor hours ... Sheet1 ... + READY O H -- 24 + 100% Actual direct labor hours Manufacturing overhead applied Underapplied (overapplied) manufacturing overhead 29 2. Prepare a schedule of cost of goods manufactured: 36 Stanford Enterprises Schedule of Cost of Goods Manufactured 33 Direct materials: Raw materials inventory, beginning 35 Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production 39 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 42 Add: Beginning work in process inventory 43 Total cost of work in process 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 47 3. Prepare a schedule of cost of goods sold. ... Sheet1 ... + READY -- + 100% * fic Stanford Enterprises uses job-order costing. B C D 41 Total manufacturing costs 42 Add: Beginning work in process inventory 43 Total cost of work in process 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 47 3. Prepare a schedule of cost of goods sold. Stanford Enterprises Schedule of Cost of Goods Sold 50 52 Finished goods inventory, beginning 53 Add: Cost of goods manufactured 54 Cost of goods available for sale 55 Deduct: Finished goods inventory, ending 56 Unadjusted cost of goods sold 57 Underapplied (overapplied) overhead 58 Adjusted cost of goods sold ... Sheet1 ... + READY 0 0 0 -- + 100%