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: 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"=SUM(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 formula, and the result would be 1,214,050 in this example. ? X - 6 Sign In FILE % Cost of Goods Manufactured and Cost of Goods Sold - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 - A = % D B IU. - - A Alignment Number Conditional Format as Cell Formatting Table Styles Font Font Styles Paste Cells Editing Clipboard G1 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 Estimated total direct labor hours 7 Actual total direct labor hours $ 275,000 25,000 27,760 ? X - . Sign In Cells Editing X Saf Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 - A Paste B IU- P. A - Alignment Number Conditional Format as Cell Formatting Table Styles Clipboard Font Gl Styles H1v fic A B C D 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. IH 4 Data for the year just ended: Estimated total manufacturing overhead cost Estimated total direct labor hours 7 Actual total direct labor hours $ 275,000 25,000 27,760 9 Actual costs for the year: Purchase of raw materials (all direct) Direct labor cost 12 Manufacturing overhead costs $375,000 $536,300 $302,750 14 Inventories: Raw materials (all direct) Work in process Finished goods Beginning $ 15,000 $ 27,875 $ 34,600 $ $ $ Ending 11,375 22,350 26,450 19 Use the data to answer the following. 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate Actual direct labor hours ... Sheet1 ... + ? x XS FILE HOME * Calibri - Sign In Sion Cost of Goods Manufactured and Cost of Goods Sold - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW -11 A U - - - A Alignment Number Conditional Format as Cell Formatting Table Styles Font Styles EP Paste B I Editing Clipboard H1 G H A B 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 Underapplied (overapplied) manufacturing overhead 2. Prepare a schedule of cost of goods manufactured: Stanford Enterprises Schedule of Cost of Goods Manufactured 33 Direct materials: 34 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 42 Add: Beginning work in process inventory 43 44 Deduct: Ending work in process inventory ... Sheet1 ... + X 5 ,95 ? X Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW - Sign In FILE HOME INSERT * Calibri BIU -11 - A = - A - Alignment Number Paste Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font H1 H 41 Total manufacturing costs 42 Add: Beginning work in process inventory 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 3. Prepare a schedule of cost of goods sold. Stanford Enterprises Schedule of Cost of Goods Sold 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 Sheet1