Foming Tobey Cibad Font 10 point A1 + Stanford Enterprises uses job order costine A B C D E 1 Stanford Enterprises uses job order costing. 2 The allocation base for overhead is direct labor hours. G H References 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 $ 275,000 25,000 27,760 9 Actual costs for the year: 10 Purchase of raw materials (all direct) $375,000 11 Direct labor cost $536,300 12 Manufacturing overhead costs 5302,750 13 14 inventories: Beginning Fading 15 Raw materials (all direct) $ 15,000 $ 11,375 16 Work in process S 27,875 $ 22,350 17 Finished goods $ 34,600 $ 26,450 18 19 Use the data to answer the following 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Arial manufacturine verhead rost + 4 40 - 70 % % % % % % % % % % % % % 2 10 points References 20 21 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 26 27 Underapplied (overapplied) manufacturing overhead 28 29 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 37 Deduct: Raw materials inventory, ending Raw materials in production 39 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 42. Add: Beginning work in process inventory Sheet1 READY HE 28 9000 Clip Styles * Font 2 A1 1 Stanford Enterprises uses job-order costing A H 10 Doints References B D E 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 32 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 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 47 3. Prepare a schedule of cost of goods sold 48 Stanford Enterprises 49 RO Code A B c E F H ht ferences D 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