Stanford Enterprises uses job$-$order 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 $$275,000$

Estimated total direct labor hours $25,000$

Actual total direct labor hours $27,760$

Actual costs for the year:

Purchase of raw $($direct$)$ materials $$375,000$

Direct labor cost $$536,300$

Manufacturing overhead $$302,750$

Inventories: Beginning Ending

Raw $($Direct$)$ Materials $$15,000$ $$11,375$

Work in Process $27,87522,350$

Finished Goods $34,60026,450$

Required:

Use the data to fill in the following information.

$($Use cells B$6$ to C$18$ from the given information to complete this question. If overhead is overapplied, your answer should be displayed as a negative value. All answers should be input and displayed as positive values.$)$

$1.$ Overhead:

Actual overhead cost $$302,750$

Predetermined overhead rate $$11\mathrm{.}00$

Actual direct labor hours $27,760$

Total overhead applied $305,360$

$($Over$)$ or under applied overhead $($$$2,610)$

$2.$ Prepare a schedule of cost of goods manufactured:

$($Use cells B$6$ to C$18$ from the given information to complete this question. All answers should be input and displayed as positive values.$)$

Stanford Enterprises

Schedule of Cost of Goods Manufactured

Direct materials:

Raw materials inventory, beginning $$15,000$

Add: Purchases of raw materials $375,000$

Total raw materials available $$390,000$

Deduct: Raw materials inventory, ending $11,375$

Raw materials used in production $$378,625$

Direct labor $536,300$

Applied manufacturing overhead $305,360$

Total manufacturing costs $$1,220,285$

Add: Beginning work in process inventory $27,875$

Total cost of work in process $$1,248,160$

Deduct: Ending work in process inventory $22,350$

Cost of goods manufactured $$1,225,810$

$3.$ Prepare a schedue of cost of goods sold.

$($Use cells B$6$ to C$18$ from the given information to complete this question. If overhead is overapplied, your answer should be displayed as a negative value. All answers should be input and displayed as positive values.$)$

Stanford Enterprises

Schedule of Cost of Goods Sold

Finished goods inventory, beginning $$34,600$

Add: Cost of goods manufactured $1,223,200$

Cost of goods available for sale $$1,257,800$

Deduct: Finished goods inventory, ending $26,450$

Unadjusted cost of goods sold $$1,231,350$

Underapplied $($overapplied$)$ overhead $908,690$

Adjusted cost of goods sold $$2,140,040$