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Stanford Enterprises uses job - order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just
Stanford Enterprises uses joborder costing.
Overhead is applied on the basis of direct labor hours.
The following information relates to the year just ended.
Data:
Estimated total overhead costs $
Estimated total direct labor hours
Actual total direct labor hours
Actual costs for the year:
Purchase of raw direct materials $
Direct labor cost $
Manufacturing overhead $
Inventories: Beginning Ending
Raw Materials All Direct $ $
Work in Process
Finished Goods
Use the data to answer the following.
Calculate and dispose of overapplied or underapplied manufacturing overhead.
Calculate the cost of goods manufactured and cost of goods sold.
Prepare an income statement for a manufacturing firm.
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