Stanford Enterprises has provided its manufacturing estimated and actual data for the year end. The Controller has asked you to compute the predetermined overhead rate, the schedule of cost of goods manufactured, and the schedule of cost of goods sold. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. - Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "E5" was entered, the formula would output the result from cell E5, or $275,000 in this example. - Basic Math functions; Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), "(asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell "=E6+E7" was entered, the formula would add the values from those cells and output the result, or 52,760 in this example. If using the other math symbols the result would output an appropriate answer for its function. - SUm function: Aliows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, If in a biank cel "ISUM(E10,E11,E12)" was entered, the formula would output the result of adding those three separate cells, or 1,214,050 in this example. Similarly, If in a blank cell "SUM(E10:E12)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formule, and the result would be 1,214,050 in this example. E23 The allocation base for overhead is direct labor hours. 4 Data for the year just ended: Use the data to answer the following. 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufucturing overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours \begin{tabular}{|c|ccc|} \hline & A & B & C \\ \hline 25 & Manufacturing overhead applied \end{tabular} Underapplied (overapplied) manufacturing overhead 2. Prepare a schedule of cost of goods manufactured: Stanford Enterprises Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production 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 3. Prepare a schedule of cost of goods sold. 48 READY Attempt(s) 3/3 Sheet1 4