The following information relates to the year just ended.

Data:

Estimated total overhead costs

Estimated total direct labor hours

Actual total direct labor hours

$$2,75,000$

$25,000$

$27,760$

Actual costs for the year:

Purchase of raw $($direct$)$ materials

Direct labor cost

Manufacturing overhead

Inventories:

Raw Materials $($Al$1$ Direct$)$

Work in Process

Finished Goods

$$3,75,000$

$$5,36,300$

$$3,02,750$

Use the excel spreadsheet to answer the following. Note that you must use formulas to compute the values. Your answer will be

counted as incorrect if you hard code the number..

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.