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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. 1 Cost of Goods Manufactured and Cost of Goods Sold-Excel INSERT PAGE LAYOUT FORMULAS DATA FILE HOME REVIEW VIEW Callbri . 11 -A Paste BIU. Alignment Number Conditional Format as Cell Formatting Table Styles Clipboard font Styles Al 1 x f. Stanford Enterprises uses job-order costing. A B C D F G B 375,000 10 Purchase of raw (direct) materials S 11 Direct labor cost 536,300 302.750 12 Manufacturing overhead 13 14 Inventories: 15 Raw Materials (All Direct) 16 Work in Process 17 Finished Goods 18 19 Use the data to answer the following. 21 1. Overhead: 22 Actual overhead cost Predetermined overhead rate 28787 20 55 Beginning $ 15,000 $ 27,875 34,600 Ending 11,375 22,350 26,450 Cells ? (1) M Editing H 1 Sign in x Paste Alignment Number Conditional Format as Cell Formatting Table Styles Clipboard Font G Styles A1 V 1 XIV fr Stanford Enterprises uses job-order costing. A B D B F 19 Use the data to answer the following. 20 21 1. Overhead: 22 Actual overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 Total overhead applied 26 27 (Over) or under applied overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises 31 Cost of Goods Manufactured Report 32 Direct materials: 33 34 35 B Beginning raw materials inventory Plus: Raw materials purchased Less: Ending raw materials inventory 4 G Cells Editing H TILE Paste X HOME FORMULAS DATA REVIEW VIEW Calibri BIU- -Alignment Number Conditional Format as Cell Formatting Table Styles G Styles Stanford Enterprises uses job-order costing. B D B F 28 29 2. Prepare a schedule of cost of goods manufactured: 30 Stanford Enterprises 31 Cost of Goods Manufactured Report 32 Direct materials: 33 Beginning raw materials inventory Plus: Raw materials purchased 34 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 i 42 43 44 3. Prepare an income statement. 45 Clipboard Al INSERT PAGE LAYOUT -11 AA E-> 4 Font S Stanford Enterprises G Cells M Editing H 3 1 Sign In 44 3. Prepare an income statement. 45 46 47 Sales revenue 48 Less: Cost of Goods Sold 49 Finished goods inventory, beginning Plus: Cost of goods manufactured 50 51 Less: Ending finished goods inventory Unadjusted cost of goods sold 52 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 58 59 60 61 Sheet1 READY Attempt(s) Stanford Enterprises Income Statement 1,500,000 100% Hirit 8 Cost of Goods Manufactured and Cost of Goods Sold-Excel FILE PAGE LAYOUT FORMULAS DATA REVIEW VIEW X -11 A % Alignment Number Conditional aste Clipboard Format as Cell Formatting Table Styles font Styles A1 V 1 X f. Font Settings (Ctrl+Shift+F) Customize your text to give it the exact look you want. B C D Stanford Enterprises uses job-order costin 2 Overhead is applied on the basis of direct 3 The following information relates to the y You can add a variety of styles and colors to your text, as well as visual effects such as strikthrough and superscript. 4 Data: 5 Estimated total overhead costs 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year: 10 HOME INSERT Calibri BIU- EH- Purchase of raw (direct) materials 11 Direct labor cost 12 Manufacturing overhead 13 14 Inventories: 15 Raw Materials (All Direct) 16 Work in Process 17 Finished Goods 18 19 Use the data to answer the following. $ SSS Beginning $ 15,000 $ 27,875 34,600 275,000 25,000 27,760 375.000 536,300 302,750 Ending 11,375 22,350 26,450 700 Cells Editing H I Sign In X D