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Stanford Enterptises uses job-order costing. The allocation base for overhead is direct labor hours. Actual costs for the year: begin{tabular}{ll} Purchase of raw materials (all

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Stanford Enterptises uses job-order costing. The allocation base for overhead is direct labor hours. Actual costs for the year: \begin{tabular}{ll} Purchase of raw materials (all direct) & $375,000 \\ \hline Direct labor cost & $536,300 \\ Manufacturing overhead costs & $302,750 \end{tabular} Inventories: Raw materials (all direct) Work in process Finished goods \begin{tabular}{|c|c|} \hline 1 & Endin \\ \hline 15,000 & 11,3 \\ \hline 19 & 22,35 \\ \hline 34,600 & 2 \\ \hline \end{tabular} 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 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 Deduct: Ending work in process inventory Cost of goods manufactured 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

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