Excel SIM: Cost of Goods Manufactured and Cost of Goods Sold 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. FILE Cost of Goods Manufactured and Cost of Goods Sold - Excel HOME INSERT PAGE LAYOUT 11 ' ' Calibri Paste BIU Clipboard A1 Font fx FORMULAS % DATA REVIEW ? E - VIEW Alignment Number Conditional Format as Cell Formatting Table Styles Styles Stanford Enterprises uses job-order costing. B 1 Stanford Enterprises uses job-order costing. D 2 The allocation base for overhead is direct labor hours. 3 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 8 9 Actual costs for the year: Purchase of raw materials (all direct) 10 11 Direct labor cost 12 Manufacturing overhead costs 13 14 Inventories: E $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 Beginning Ending 15 Raw materials (all direct) $ 15,000 $ 11,375 16 Work in process $ 27,875 $ 22,350 17 Finished goods $ 34,600 $ 26,450 18 19 Use the data to answer the following. 20 F 22 23 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate 24 Actual direct labor hours 25 Manufacturing overhead applied 26 27 Underapplied (overapplied) manufacturing overhead 28 G H I Cells Sign In