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 =SUMIE10 E11E12) 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 "ESUME10 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 1214,050 in this example Hye HOME Cost of Goods Manufactured and cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW INSERT ob Paste B I U. -A - Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells - Editing Clipboard A1 fo 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: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs $375,000 S536,300 S302.750 $ 14 Inventories: Raw materials (all direct) Work in process Finished goods 16 Beginning 15.000 27.875 34.600 Ending 11.375 22,350 26,450 S 19 Use the data to answer the following. 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 27 Underapplied (overapplied) manufacturing overhead 29 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 35 Add: Purchases of raw materials 36 Total raw materials available 37 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 ... Sheet1 READY 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 47 3. Prepare a schedule of cost of goods sold. Stanford Enterprises Schedule of Cost of Goods Sold 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 Sheet1 READY Attempt(s)
