1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. 5 ? X . HOME - Sign In FILE INSERT Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW AA = % D D A. Alignment Number Conditional Format as Cell - Formatting Table Styles - Calibri B I - Paste U . B. Cells Editing Clipboard Font Styles X Stanford Enterprises uses job-order costing. 1 Stanford Enterprises uses job-order costing. 2 Overhead is applied on the basis of direct labor hours. 3 The following information relates to the year just ended. 4 Data: 5 Estimated total overhead costs $ 275.000 6 Estimated total direct labor hours 25.000 7 Actual total direct labor hours 27,760 9 Actual costs for the year 10 Purchase of raw (direct) materials 11 Direct labor cost 12 Manufacturing overhead $ $ $ 375.000 536,300 302.750 $ 14 Inventories: 15 Raw Materials (All Direct) 16 Work in Process 17 Finished Goods Beginning $ 15,000 27,875 34,600 Ending 11,375 22.350 26.450 Clipboard Font Styles A1 x f Stanford Enterprises uses job-order costing. A B C D $ 14 Inventories: 15 Raw Materials (All Direct) 16 Work in Process 17 Finished Goods Beginning $ 15,000 27,875 34,600 Ending 11,375 22,350 26,450 19 Use the data to answer the following. 21 1. Overhead: 22 Actual overhead cost Predetermined overhead rate 24 Actual direct labor hours Total overhead applied (Over) or under applied overhead 2. Prepare a schedule of cost of goods manufactured: Stanford Enterprises Cost of Goods Manufactured Report 32 Direct materials: 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 35 Less: Ending raw materials inventory 36 Raw materials used in production . ... Sheet1 ... READY 100% Attempt(s) Hint Show Me Clipboard Font X Stanford Enterprises uses job-order costing. D E Stanford Enterprises Cost of Goods Manufactured Report 32 Direct materials: 33 Beginning raw materials inventory 34 Plus: Raw materials purchased 35 Less: Ending raw materials inventory 36 Raw materials used in production 37 Direct labor 38 Manufacturing overhead applied 39 Total current manufacturing costs 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Cost of goods manufactured $ 1.500.000 44 3. Prepare an income statement. Stanford Enterprises Income Statement 47 Sales revenue 48 Less: Cost of Goods Sold 49 Finished goods inventory, beginning 50 Plus: Cost of goods manufactured 51 Less: Ending finished goods inventory 52 Unadjusted cost of goods sold 53 Underapplied (overapplied) overhead . .. Sheet1 READY Attempt(s) -- 100% Show Me Hint HUME INSERI A LE LATUUI TURMULAS URIA REVIEW VIEW X6 Calibri Paste B I U - 11-AA = . E. A Alignment Number Conditional Format as Cell . Formatting Table Styles Font Styles X Stanford Enterprises uses job-order costing. Cells - Clipboard 40 Plus: Beginning work in process inventory 41 Less: Ending work in process inventory Cost of goods manufactured $ 1,500,000 44 3. Prepare an income statement. Stanford Enterprises Income Statement 47 Sales revenue 48 Less: Cost of Goods Sold 49 Finished goods inventory, beginning Plus: Cost of goods manufactured Less: Ending finished goods inventory 52 Unadjusted cost of goods sold 53 Underapplied (overapplied) overhead 54 Adjusted cost of goods sold 55 Gross Profit 56 Less: Selling, general, and administrative expenses (10% of Sales) 57 Net Operating Income + ... Sheet1 ... READY U - + 100%
