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1. Compute a predetermined overhead rate 2. Prepare schedules of cost of goods manufactured and cost of goods sold. d overhead: 19 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 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 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