1. Compute a predetermined overhead rate.
2. Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
3. Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts.

Says 'all answers must be entered as a formula'

1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. 3. Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts. All answers must be entered as a formula. Click OK to begin. OK Cost of Goods Manufactured and Cost of Goods Sold - Excel Sign In A FILE PAGE LAYOUT OME INSERT FORMULAS DATA REVIEW VIEW Calibri 11 Alignment Number Conditional Format as Cell Formatting - Table- Styles - Paste Cells BIU. Clipboard Font Styles 2 1 Stanford Enterprises 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) $375,000 11 Direct labor cost $536,300 12 Manufacturing overhead costs $302,750 13 14 Inventories: Beginning Ending 11375 Raw materials (all direct) Work in process Finished goods 15 15,000 27,875 16 22,350 17 34,600 26,450 18 19 Use the data to answer the following. 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost 22 23 Predetermined overhead rate 24 Actual direct labor hours Sheet1 + 100% READY Cost of Goods Manufactured and Cost of Goods Sold - Excel Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri -111 Conditional Format as Cell Paste BIU- Alignment Number Cells Formatting - Table - Styles - Clipboard Font Styles 2 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost 22 23 Predetermined overhead rate 24 Actual direct labor hours 25 Manufacturing overhead applied 26 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises 31 32 Schedule of Cost of Goods Manufactured 33 Direct materials: Raw materials inventory, beginning 34 35 Add: Purchases of raw materials 36 Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production 37 38 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 Sheet1 + 100% READY Attempt(s) Hint 49 Stanford Enterprises Schedule of Cost of Goods Sold 50 51 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 59 60 61 62