Have to use a formula in the excel document to answer questions too. So the formulas would be much appreciated as well.

Answers have

1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. X] Cost of Goods Manufactured and Cost of Goods Sold - Excel ? FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In X Calibri 11 -P % LE Paste BIU- Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 Stanford Enterprises uses job-order costing. F G H I B D E 1 Stanford Enterprises uses job-order costing. 2 Overhead is applied on the basis of direct labor hours. 3 The following information relates to the year just ended. 4 Data: 275,000 25,000 27,760 375,000 536,300 302,750 5 Estimated total overhead costs $ 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year: 10 $ Purchase of raw (direct) materials 11 Direct labor cost $ 12 Manufacturing overhead $ 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. 20 21 1. Overhead: 22 Actual overhead cost 23 Predetermined overhead rate 24 Antoni disant laba.hu Ending 11,375 22,350 26,450 A B D E F G H I 28 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises 31 Cost of Goods Manufactured Report 32 Direct materials: 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 35 Less: Ending raw materials inventory 36 Raw materials used in production 37 Direct labor 38 Manufacturing overhead applied 39 Total current manufacturing costs 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory 42 Cost of goods manufactured 43 44 3. Prepare an income statement. 45 Stanford Enterprises 46 Income Statement 47 Sales revenue 48 Less: Cost of Goods Sold 49 Finished goods inventory, beginning 50 Plus: Cost of goods manufactured 51 Less: Ending finished goods inventory 52 Unadjusted cost of goods sold 53 Underapplied (overapplied) overhead 54 Adjusted cost of goods sold 55 Gross Profit 56 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income 58 $ 1,500,000 59 1 Sheet1 +