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, 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. e 5 was SUM function: Allows 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 blank cell SUMEIO,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 formula, and the result would be 1,214,050 in this example Cost of Goods Manufactured and Cost of Goods Sold-Excel - FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In 10 Ruler Formula Bar Normal Page Break Page Custom [ Gridlines Headings Zoom 100% Zoom to Window Macros Preview Layout Views Selection Workbook Views Show Zoom Macros f Stanford Enterprises uses job-order costing 1 Stanford Enterprises 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 7 Actual total direct labor hours $ 275,000 25,000 27,760 9 Actual costs for the year: 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 14 Inventories 15 Raw materials (all direct) 16 Work in process 17 Finished goods $375,000 $536,300 S302,750 Beginning Ending 11,375 S 27,875 22,350 $ 34,600 26.450 15,000 19 Use the data to answer the following 20 211. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 Manufacturing overhead applied 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured 31 32 Stanford Enterprises Schedule of Cost of Goods Manufactured 33 Direct materials: 34 35 36 37 Raw materials inventory, beginning Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending 38 Raw materials used in production 39 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 42Add: Beginning work in process inventory 43 44 Deduct: Ending work in process inventory 45 Cost of goods manufactureed 46 47 3. Prepare a schedule of cost of goods sold 48 49 50 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 58 Adjusted cost of goods sold 59 60 Stanford Enterprises Schedule of Cost of Goods Sold