Next to each answer, may you please include the equation that was used to find the solution.

1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. 3. Compute underapplied or overapplied overhead cost and prepare the journal entry to dlose the balance in Manufacturing Overhead to the appropriate accounts. Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE REVIEW HOME INSERT PAGE LAYOUT FORMULAS DATA Sign In VIEW Calbri A. Alignment Number Conditional Format as Cell Paste BIU- Cells Editing Formatting Table Styles Clipboard Font Styles Al Stanford Enterprises uses job-order costing. 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 4 Data for the vear just ended: S Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 7 Actual total direct labor hours $ 275,000 25,000 27,760 9 Actual costs for the year: 10 Purchase of raw materials (all direct) $375,000 $536,300 $302,750 11 Direct labor cost 12 Manufacturing overhead costs 13 14 Inventories: Ending Beginning 15,000 15 Raw materials (all direct) Work in process 17 11,375 22,350 26,450 16 27875 Finished goods 34,600 head 18 19 Use the data to answer the following. 20 Compute apolied overhead and determine the amount of underaealied or overanelied overhead: 21 Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE INSERT OE PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calbri A" 11 Paste Alignment Number Conditional Format as Cell Formatting Table Styles BIU. Cells Editing Clipboard Font Styles A1 fe Stanford Enterprises uses job-order costing. 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost Predetermined overhead rate 23 24 Actual direct labor hours 25 Manufacturing overhead applied 26 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 31 Stanford Enterprises Schedule of Cost of Goods Manufactured 32 33 Direct materials Raw materials inventory, beginning 34 35 Add: Purchases of raw materials Total raw materials available Deduct Raw materials inventory, ending Raw materials used in production 39 Direct labor 36 37 38 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs Cost of Goods Manufactured and Cost of Goods Sold - Excel Sign In DATA REVIEW VIEW OME FORMULAS INSERT PAGE LAYOUT FILE Calbri A. Alignment Number Conditional Format as Cell Formatting Table Styles Editing Cells Paste BIU. Styles Font Clipboard Stanford Enterprises uses job-order costing. Al H. D 39 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 42 Add: Beginning work in process inventory 43 Total cost of work in process 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 47 3. Prepare a schedule of cost of goods sold. 48 49 Stanford Enterprises 50 Schedule of Cost of Goods Sold 51 52 Finished goods inventory, beginning 53 Add: Cost of goods manufactured 54 Cost of goods available for sale 55 Deduct: Finished goods inventory, ending 56 Unadjusted cost of goods sold 57 Underapplied (overapplied) overhead 58 Adjusted cost of goods sold 59 60 61 62 Sheeti DEAPM