Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How did you get the answer for the following : Sales commissions, total variable costs, contribution margin? Please include formula for these three. Can you
How did you get the answer for the following : Sales commissions, total variable costs, contribution margin? Please include formula for these three.
Can you cancel this question. I already figured out the answer please and thank you
This is NOT the same question that I originally submitted. I don't need the other question. Just this one please ignore the first photo.
Stanford Enterprises has provided its manufacturing estimated and actual data for the year end. The Controller has asked you to 2 compute the predetermined overhead rate, the schedule of cost of goods manufactured, and the schedule of cost of goods sold. 3 Stanford Enterprises uses job-order costing. 4 Overhead is applied on the basis of direct labor hours. 5 6 The following information relates to the year just ended. .7 Data: S Estimated total overhead costs 9 Estimated total direct labor hours 10 Actual total direct labor hours $275,00025,00027,760 11 \begin{tabular}{|l|l|r|r|} \hline \multicolumn{1}{|c|}{} & \multicolumn{1}{|c|}{ A } & \multicolumn{1}{|c|}{ B } \\ \hline 12 & Actual costs for the year: & & \\ \hline 13 & Purchase of raw (direct) materials & $375,000 & \\ \hline 14 & Direct labor cost & $536,300 & \\ \hline 15 & Manufacturing overhead & $302,750 & \\ \hline 16 & & & \\ \hline 17 & Inventories: & Beginning & \multicolumn{1}{|c|}{ Ending } \\ \hline 18 & Raw (Direct) Materials & $15,000 & $11,375 \\ 19 & Work in Process & 27,875 & 22,350 \\ \hline 20 & Finished Goods & 34,600 & 26,450 \\ \hline \end{tabular} Note: Use cells B8 to C20 from the given information to complete this question. If overhead is overapplied, your answer snoula de aisplayed 31 as a negative value. Otherwise, all answers should be input and displayed as positive values. 2 Prepare a schedule of cost of goods manufactured. Note: Use cells 88 to 000 from the given information to complete this question. All answers should be input and dicplayed as positive values. \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ A } & \multicolumn{1}{|c|}{ A } \\ \hline 44 & Direct materials: \\ \hline 45 & Raw materials inventory, beginning \\ \hline 46 & Add: Purchases of raw materials \\ \hline 47 & Total raw materials available \\ \hline 48 & Deduct: Raw materials inventory, ending \\ \hline 49 & Raw materials used in production \\ \hline 50 & Direct labor \\ \hline 51 & Applied manufacturing overhead \\ \hline 52 & Total manufacturing costs \\ \hline 53 & Add: Beginning work in process inventory \\ \hline 54 & Total cost of work in process \\ \hline 55 & Deduct: Ending work in process inventory \\ \hline 56 & Cost of goods manufactured \\ \hline 57 & \\ \hline \end{tabular} 58 3. Prepare a schedule of cost of goods sold. Note: Use cells B8 to C20 from the given information to complete this question. If overhead is overapplied, your answer should be displayed 59 as a negative value. Otherwise, all answers should be input and displayed as positive valuesStep 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