Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help. all questions must be answered in a formula Comments Language Proofing Stanford Enterprises uses job-order costing. f Al 1 Stanford Enterptises uses job-order costing.
help. all questions must be answered in a formula
Comments Language Proofing Stanford Enterprises uses job-order costing. f Al 1 Stanford Enterptises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 1 Actual total direct labor hours $ 275,000 25,000 27,760 9 Actual costs for the year: Purchase of raw materials (all direct) $375,000 10 $536,300 Direct labor cost 11 Manufacturing overhead costs $302,750 12 13 Beginning 14 Inventories: Ending Raw materials (all direct) 15 15,000 %24 11,375 Work in process Finished goods 16 27,875 22,350 17 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: Actual manufacturing overhead cost Predetermined overhead rate 22 23 24 Actual direct labor hours Sheet1 READY Attempt(s) Prev 1 of 1 Next MacBook Air Comments Proofing Language Stanford Enterprises uses job-order costing. Al 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate Actual direct labor hours Manufacturing overhead applied 22 23 24 25 26 Underapplied (overapplied) manufacturing overhead 27 28 29 2. Prepare a schedule of cost of goods manufactured: 30 ences Stanford Enterprises 31 32 Schedule of Cost of Goods Manufactured 33 Direct materials: Raw materials inventory, beginning 34 35 Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production 36 37 38 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 Sheeti READY Attempt(s) Mc Graw Hill 1 of 1 Prev Next MacBook Air 80 F1 F2 F3 F4 F6 ABC Show All Comments Changes New Delete Previous Next O Show Ink Spelling Research Thesaurus Translate Comment Comments Language Proofing Stanford Enterprises uses job-order costing. Al ed 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 ok 46 47 3. Prepare a schedule of cost of goods sold. int 48 Stanford Enterprises Schedule of Cost of Goods Sold 49 50 ences 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 S8 Adjusted cost of goods sold 59 60 61 62 Sheeti READY Attempt(s) Graw Hill 1 of 1 Prev Next MacBook Air 80 F3 000 F1 F2 F4 F7 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started