Compute a predetermined overhead rate. Prepare schedules of cost of goods manufactured and cost o… 1 answer below »

Compute a predetermined overhead rate. Prepare schedules of cost of goods manufactured and cost of goods sold. Compute underapplied or overapplied overhead cost to close the balance in Manufacturing Overhead to the appropriate accounts.

Please SHOW FORMULAS IN EXCEL* Stanford Enterprises uses job-order costing. The allocation base for overhead is direct labor hours Data for the year just ended. Estimated total manufacturing overhead cost $275,000 Estimated total direct labor hours 25,000 Actual total direct labor hours 27,760 Actual costs for the year: Purchase of raw materials (all direct) $375,000 Direct labor cost $536,300 Manufacturing overhead costs $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. 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Use formulas!* 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: Use formulas!*                    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 ???????? ???????? Deduct: Ending wokr in process inventory ???????? Cost of goods manufactured ???????? 3. Prepare a schedule of cost of goods sold.               Standford 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 COGS ???????? Underapplied (overapplied) overhead ???????? Adjusted COGS ????????


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