Data: \begin{tabular}{|l|l|r|} \hline Estimated total overhead costs & $ & 275,000 \\ \hline Estimated total direct labor hours & & 25,000 \\ \hline Actual total direct labor hours & 27,760 \\ \hline \end{tabular} Actual costs for the year: \begin{tabular}{|l|l|l|l|} \hline Purchase of raw (direct) materials & $ & 375,000 \\ \hline Direct labor cost & $ & 536,300 \\ \hline Manufacturing overhead & $ & 302,750 \\ \hline \end{tabular} Use the data to answer the following. Replace every? with a formula. 3 Prepare an income statement for a manufacturing firm. Note: Use cell A2 to A23 from the given information to complete this question. Enter all ending inventory amounts as negative numbers. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Stanford Enterprises } \\ \hline Sales revenue & & $1,500,000 \\ \hline Less: Cost of Goods Sold & & \\ \hline Finished goods inventory, beginning & & \\ \hline Plus: Cost of goods manufactured & & \\ \hline Less: Ending finished goods inventory & & \\ \hline Unadjusted cost of goods sold & & \\ \hline Underapplied (overapplied) overhead & & \\ \hline Adjusted cost of goods sold & & \\ \hline Gross Profit & & \\ \hline Less: Selling, general, and administrative expenses (10\% of Sales) & & \\ \hline Net Operating Income & & \\ \hline \end{tabular} 1 2 Stanford Enterprises uses job-order costing. 4 Overhead is applied on the basis of direct labor hours. 5 6 The following information relates to the year just ended. 1 Calculate and dispose of overapplied or underapplied manufacturing overhead. Note: Use cell A2 to A23 from the given information to complete this question. 2 Calculate the cost of goods manufactured and cost of goods sold. Note: Use cell A2 to A23 from the given information to complete this question. Enter all ending inventory amounts as negative numbers. Stanford Enterprises Cost of Goods Manufactured Report materials: Beginning raw materials inventory Plus: Raw materials purchased Less: Ending raw materials Raw materials used in production Direct labor Manufacturing overhead applied Total current manufacturing costs Plus: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured Data: \begin{tabular}{|l|l|r|} \hline Estimated total overhead costs & $ & 275,000 \\ \hline Estimated total direct labor hours & & 25,000 \\ \hline Actual total direct labor hours & 27,760 \\ \hline \end{tabular} Actual costs for the year: \begin{tabular}{|l|l|l|l|} \hline Purchase of raw (direct) materials & $ & 375,000 \\ \hline Direct labor cost & $ & 536,300 \\ \hline Manufacturing overhead & $ & 302,750 \\ \hline \end{tabular} Use the data to answer the following. Replace every? with a formula. 3 Prepare an income statement for a manufacturing firm. Note: Use cell A2 to A23 from the given information to complete this question. Enter all ending inventory amounts as negative numbers. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Stanford Enterprises } \\ \hline Sales revenue & & $1,500,000 \\ \hline Less: Cost of Goods Sold & & \\ \hline Finished goods inventory, beginning & & \\ \hline Plus: Cost of goods manufactured & & \\ \hline Less: Ending finished goods inventory & & \\ \hline Unadjusted cost of goods sold & & \\ \hline Underapplied (overapplied) overhead & & \\ \hline Adjusted cost of goods sold & & \\ \hline Gross Profit & & \\ \hline Less: Selling, general, and administrative expenses (10\% of Sales) & & \\ \hline Net Operating Income & & \\ \hline \end{tabular} 1 2 Stanford Enterprises uses job-order costing. 4 Overhead is applied on the basis of direct labor hours. 5 6 The following information relates to the year just ended. 1 Calculate and dispose of overapplied or underapplied manufacturing overhead. Note: Use cell A2 to A23 from the given information to complete this question. 2 Calculate the cost of goods manufactured and cost of goods sold. Note: Use cell A2 to A23 from the given information to complete this question. Enter all ending inventory amounts as negative numbers. Stanford Enterprises Cost of Goods Manufactured Report materials: Beginning raw materials inventory Plus: Raw materials purchased Less: Ending raw materials Raw materials used in production Direct labor Manufacturing overhead applied Total current manufacturing costs Plus: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured
