Use the da

ta to answer the following. Replace every? with a formula.

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Accessibility tab summary: Year-end data for Stanford Enterprise is presented in rows 10 to 23. A statement of requirement 1 is presented in rows 27 and 28. An overhead table for student presentation is presented in cells A31 to F36. A statement of requirement 2 is presented in rows 38 and 39. A Cost of Goods Manufactured Report for student presentation is presented in cells A41 to F53. A statement of requirement 3 is presented in rows 55 and 56. An Income statement for student presentation is presented in cells A58 to G70.
Stanford Enterprises uses job-order costing.
Overhead is applied on the basis of direct labor hours.
The following information relates to the year just ended.
Data:
Estimated total overhead costs	$275,000
Estimated total direct labor hours	25,000
Actual total direct labor hours	27,760
Actual costs for the year:
Purchase of raw (direct) materials	$375,000
Direct labor cost	$536,300
Manufacturing overhead	$302,750
Inventories:	Beginning	Ending
Raw Materials (All Direct)	$15,000	$11,375
Work in Process	27,875	22,350
Finished Goods	34,600	26,450
Use the data to answer the following. Replace every ? with a formula.
1	Calculate and dispose of overapplied or underapplied manufacturing overhead.
Note: Use cell A2 to A23 from the given information to complete question.
Overhead:
Actual overhead cost		$302,750
Predetermined overhead rate	$11
Actual direct labor hours	27,760
Total overhead applied
(Over) or under applied overhead
2	Calculate the cost of goods manufactured and cost of goods sold.
Note: Use cell A2 to A23 from the given information to complete question.
Stanford Enterprises
Cost of Goods Manufactured Report
Direct materials:
Beginning raw materials inventory	$15,000
Plus: Raw materials purchased	375,000
Less: Ending raw materials	(11,375)
Raw materials used in production		378,625
Direct labor		536,300
Manufacturing overhead applied		305,360
Total current manufacturing costs		1,220,285
Plus: Beginning work in process inventory		27,875
Less: Ending work in process inventory		(22,350)
Cost of goods manufactured		$1,225,810
3	Prepare income statement for a manufacturing firm.
Note: Use cell A2 to A23 from the given information to complete question.
Stanford Enterprises
Income Statement
Sales revenue		$1,500,000
Less: Cost of Goods Sold
Finished goods inventory, beginning	$34,600
Plus: Cost of goods manufactured	1,225,810
Less: Ending finished goods inventory	(26,450)
Unadjusted cost of goods sold	$1,233,960
Underapplied (overapplied) overhead	(2,610)
Adjusted cost of goods sold		$1,231,350
Gross Profit		$268,650
Less: Selling, general, and administrative expenses (10% of Sales)		$(150,000)
Net Operating Income		$118,650