Excel SIM: Cost of Goods Manufactured and Cost of Goods Sold

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. Cost of Goods Manufachrred and Cost of Goods Sold - Excel HOME INSERT PAGE LA'l'OUT FDRMULAS DATA so" Q 1' _ 1v {1) v A 7 Alignment Number Conditional Formatas C9" Cells Editing v v Formatting ' Tabla * Styles " v Clipboard Font '3- Styles A h a/ 1': Stanford Enterprises uses joborder costing. v 1 The allocation base for overhead is direct labor hours. 3 4 Data for the yearjust ended: 5 Estimated total manufacturing overhead oost S 23,001] 5 Estimated total direct labor hours 25.001] 7 Actual total direct labor hours ZTJGU E 9 Actual costs for the year: \"3 Purchase of raw materials (all direct) $315,000 11 Direct Labor cost $535,300 [2 Manufacturing overhead costs $302350 Manufacturing overhead costs Inventories: Raw materials (all direct) Work in process Finished goods Use the data to answer the following. 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predeternn'ned overhead rate Actual direct labor hours Manufacturing overhead applied Underapplied {overapplied} manufacnlring overhead 2. Prepare a schedule of cost of goods manufactured: Stanford Enterprises Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory. beginning Add: Purchases of raw materials 31 Stanford Enterprises 32 Schedule of Cost of Goods Manufactured 33 Direct materials: 34 Raw materials inventory, beginning 35 Add: Purchases of raw materials 36 Total raw materials available 37 Deduct: Raw materials inventory, ending 38 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. 48 49 Stanford Enterprises 50 Schedule of Cost of Goods Sold 51 52 Finished goods inventory, beginning 53 Add: Cost of goods manufactured 54 Cost of goods available for sale Sheet1 1 READY + 100%44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 47 3. Prepare a schedule of cost of goods sold. 48 49 Stanford Enterprises 50 Schedule of Cost of Goods Sold 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 Sheet1 1