Stanford Enterprises uses job-order costing. The allocation base for overhead is direct labor hours. Data for the year just ended: Estimated total manufacturing overhead cost Estimated total direct labor hours Actual total direct labor hours $ 275,000 25,000 27,760 Actual costs for the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs $375,000 $536,300 $302,750 Inventories: Raw materials (all direct) Work in process Finished goods Beginning $ 15,000 $ 27,875 34,600 $ $ $ Ending 11,375 22,350 26,450 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 Manufacturing overhead applied Underapplied (overapplied) manufacturing overhead 2. Prepare a schedule of cost of goods manufactured: Stanford Enterprises Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory Total cost of work in process Deduct: Ending work in process inventory 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 Add: Cost of goods manufactured Cost of goods available for sale Deduct: Finished goods inventory, ending Unadjusted cost of goods sold Underapplied (overapplied) overhead Adjusted cost of goods sold