Compute a predetermined overhead rate. Prepare schedules of cost of goods manufactured and cost of goods sold. Compute underapplied or overapplied overhead cost to close the balance in Manufacturing Overhead to the appropriate accounts.

Please SHOW FORMULAS IN EXCEL*

Stanford Enterprises uses job-order costing.
The allocation base for overhead is direct labor hours
Data for the year just ended.
Estimated total manufacturing overhead cost		$275,000
Estimated total direct labor hours		25,000
Actual total direct labor hours		27,760
Actual costs for the year:
Purchase of raw materials (all direct)		$375,000
Direct labor cost		$536,300
Manufacturing overhead costs		$302,750
Inventories:	Beginning	Ending
Raw materials (all direct)	$15,000	$11,375
Work in process	$27,875	$22,350
Finished goods	$34,600	$26,450
Use the data to answer the following.
1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Use formulas!*
Actual manufacturing overhead cost			????????
Predetermined overhead rate		??????????
Actual direct labor hours		??????????
Manufacturing overhead applied			????????
Underapplied (overapplied) manufacturing overhead			????????
2. Prepare a schedule of cost of goods manufactured: Use formulas!*
Stanford Enterprises
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning		??????????
Add: Purchases of raw materials		??????????
Total raw materials available		??????????
Deduct: Raw materials inventory, ending		??????????
Raw materials used in production			????????
Direct labor			????????
Manufacturing overhead applied to work in process			????????
Total manufacturing costs			????????
Add: Beginning work in process inventory			????????
			????????
Deduct: Ending wokr in process inventory			????????
Cost of goods manufactured			????????
3. Prepare a schedule of cost of goods sold.
Standford Enterprises
Schedule of Cost of Goods Sold
Finished goods inventory, beginning			????????
Add: Cost of goods manufactured			????????
Cost of goods available for sale			????????
Deduct: Finished goods inventory, ending			????????
Unadjusted COGS			????????
Underapplied (overapplied) overhead			????????
Adjusted COGS			????????

SHOW CALCULATIONS, PLEASE!