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. $ 275,000 25,000 27,760 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 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year: 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 14 Inventories: Beginning 15 Raw materials (all direct) $ 15,000 16 Work in process $ 27,875 17 Finished goods 34,600 18 19 Use the data to answer the following. $375,000 $536,300 $302,750 Ending $ 11,375 $ 22,350 $ 26,450 $ Use the data to answer the following. 1 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 2 Actual manufacturing overhead cost 3 Predetermined overhead rate 4 Actual direct labor hours 5 Manufacturing overhead applied 6 27 Underapplied (overapplied) manufacturing overhead 09 9 2. Prepare a schedule of cost of goods manufactured: 0 1 Stanford Enterprises 52 Schedule of Cost of Goods Manufactured 83 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 3. Prepare a schedule of cost of goods sold. 3 Stanford Enterprises Schedule of Cost of Goods Sold 1 2 Finished goods inventory, beginning 3 Add: Cost of goods manufactured 4 Cost of goods available for sale 5 Deduct: Finished goods inventory, ending 56 Unadjusted cost of goods sold 57 Underapplied (overapplied) overhead 58 Adjusted cost of goods sold 59