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 Manufactured and Cost of Goods Sold - Excel 6 - 5 FILE INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri - 11 - A" A' % Paste BIU - - - A - Alignment Number Conditional Format as Cell Formatting * Table . Styles Cells Editing Clipboard Font Styles Al fx Stanford Enterprises uses job-order costing. A B C G 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended 5 Estimated total manufacturing overhead cost $ 275,000 6 Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27.760 9 Actual costs for the year: 10 Purchase of raw materials (all direct) $375,000 1 Direct labor cost $536,300 12 Manufacturing overhead costs 302,750 3 14 Inventories: Beginning Ending 15 Raw materials (all direct) S 15.000 $ 11,375 16 Work in process 27,875 22.350 17 Finished goods 14,600 6,450 19 Use the data to answer the following. 20 1 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 Manufacturing overhead applied Underapplied (overapplied) manufacturing overhead 9 2. Prepare a schedule of cost of goods manufactured: 30 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 Deduct: Raw materials inventory, ending 38 Raw materials used in production 9 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 12 Add: Beginning work in process inventory 43 Total cost of work in process 14 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 $7 Underapplied (overapplied) overhead