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B C D E F H K Tracey Excel MAL and COGS Schedule Version Name Enter a formula o cell rofer Tracey Compan ell perates a iob-order costing system and applies overhead cost to jobs on the basis of direct labor hours. The company has provided the following data for the year: Estimated total manufacturing overhead Estimated total number of direct labor hours Actual total manufacturing overhead 10 Actual total number of direct labor hours $126,000 4,200 DLH $123,000 4.000 DLH 12 Purchases of raw materials (all direct) 13 Direct labor $133,000 $80,000 15 Inventories: 16 Raw Materials Beginning $21,000 $44,000 Ending $16.000 17 Work in Process 18 Finished Goods $40.000 $68,000 $60,000 19 A B C D E F G H 19 20 Required: 21 1. Compute the predetermined overhead rate for the year and the amount of the underapplied or 22 or overapplied overhead for the year. 23 24 Estimated total manufacturing overhead 25 Estimated total number of di rect labor hours 26 Predetermined overhead rate per DLH 27 28 Actual manufacturing overhead costs 29 Applied manufacturing overhead costs 30 Underapplied (overapplied) overhead 31 32 2. Prepare a schedule of cost of goods manufactured for the year. 33 34 Direct material s: 35 Raw materials inventory, beginning 36 Add purchases of raw materials 37 Total raw materials available 38 Deduct raw materials inventory, ending fx Tracey Excel MAC Version A1 F G A C D E H K L M 39 Raw materials used in production 40 Direct labor 41 Manufacturing overhead applied to work in process 42 Total manufacturing costs 43 Add: Work in process, beginning 44 45 Deduct: Work in process, ending 46 Cost of goods manufactured 47 4 49 3. Prepare a cost of goods sold schedule for the year, assuming that underapplied or 50 overapplied overhead is closed out to COGS. 51 52 Finished goods inventory, beginning 53 Add: Cost of goods manufactured 54 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