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,-5" was entered the formula would output the result from cell E5, or $275,000 in this example, Basic Moth 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 Er was entered the formula would add the values from those cells and output the result of 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 -SUME10, 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 -SUME 10: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 A * Calibri 11 -AA S.A. Alignment Number Paste BIU- 39 Cell Cells Conditional Format as Formatting Table Styles Styles Clipboard Font G33 X E H A B D 1 Stanford Enterprises uses job-order costing, 2 The allocation base for overhead is direct labor hours. 3 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) 5375,000 11 Direct labor cost $536,300 12 Manufacturing overhead costs 5302,750 13 14 Inventories: Beginning Ending 15 Raw materials (all direct $ 15,000 5 11,375 16 Work in process $ 27,875 $ 22,350 Finished goods $ 34,600 $ 26,450 18 19 Use the data to answer the following 20 21 1. 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 Sheet1 Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In A * Calibri 11 -AA S.A. Alignment Number Paste BIU- 39 Cell Cells Conditional Format as Formatting Table Styles Styles Clipboard Font G33 X E H A B D 1 Stanford Enterprises uses job-order costing, 2 The allocation base for overhead is direct labor hours. 3 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) 5375,000 11 Direct labor cost $536,300 12 Manufacturing overhead costs 5302,750 13 14 Inventories: Beginning Ending 15 Raw materials (all direct $ 15,000 5 11,375 16 Work in process $ 27,875 $ 22,350 Finished goods $ 34,600 $ 26,450 18 19 Use the data to answer the following 20 21 1. 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 Sheet1 A D G 20 21 1. 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 26 27 Underapplied (overapplied) manufacturing overhead 28 20 2. Prepare a schedule of cost of goods manufactured: 30 31 Stanford Enterprises 32 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 Deduct: Raw materials inventory, ending 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 G H www B D 38 39 irect labor 40 Janufacturing overhead applied to work in process 41 stal manufacturing costs 42 dd: Beginning work in process inventory educt: Ending work in process inventory ost of goods manufactured 46 47 49 Prepare a schedule of cost of goods sold. 50 Stanford Enterprises Schedule of Cost of Goods Sold 52 nished goods inventory, beginning od: Cost of goods manufactured 54 ost of goods available for sale educt: Finished goods inventory, ending 56 nadjusted cost of goods sold 57 nderapplied (overapplied) overhead 58 djusted cost of goods sold