7 Excel SIM: Cost of Goods Manufactured and Cost of Goods Sold 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. 100 points Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE HOME INSERT PAGE LAYOUT eBook Calibri 11 AA Print Paste BIU▾ References Clipboard Α1 5 Font Γ ☐ ☐ B с FORMULAS DATA % REVIEW VIEW Alignment Number Conditional Format as Cell Formatting Table Styles Styles fx Stanford Enterprises uses job-order costing. 1 Stanford Enterprises uses job-order costing. D 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 7 Actual total direct labor hours E $ 275,000 25,000 27,760 Mc 8 9 Actual costs for the year: 10 Purchase of raw materials (all direct) $375,000 Sign In M Cells Editing F G H/nF G H 100 7 points eBook A1 B x C fx Stanford Enterprises uses job-order costing. 1 Stanford Enterprises uses job-order costing. D 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost 6 Estimated total direct labor hours 7 Actual total direct labor hours 8 9 Actual costs for the year: Purchase of raw materials (all direct) E $ 275,000 25,000 27,760 Print 10 $375,000 References 11 Direct labor cost $536,300 12 Manufacturing overhead costs $302,750 13 14 Inventories: Beginning Ending 15 Raw materials (all direct) $ 16 Work in process $ 27,875 $ 15,000 $ 11,375 22,350 17 Finished goods $ 34,600 $ 26,450 18 19 Use the data to answer the following. 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate 22 23 24 Actual direct labor hours Sheet1 >/n7 A1 x fx Stanford Enterprises uses job-order costing. B с D E F G H 17 Finished goods $ 34,600 $ 26,450 18 19 Use the data to answer the following. 20 100 points 22 23 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate eBook 24 Actual direct labor hours 25 Print Manufacturing overhead applied 26 References 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 31 Stanford Enterprises 34 32 33 Direct materials: Raw materials inventory, beginning Schedule of Cost of Goods Manufactured 35 Add: Purchases of raw materials 36 Total raw materials available 37 38 Deduct: Raw materials inventory, ending Raw materials used in production 39 Direct labor 40 Manufacturing overhead applied to work in process Sheet1/n7 Al 30 B x fx Stanford Enterprises uses job-order costing. с D E F G H 31 32 33 Direct materials: Stanford Enterprises Schedule of Cost of Goods Manufactured Raw materials inventory, beginning Add: Purchases of raw materials 100 34 points 35 36 Total raw materials available eBook 37 38 Print References Deduct: Raw materials inventory, ending Raw materials used in production 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 50 51 Stanford Enterprises Schedule of Cost of Goods Sold 52 Finished goods inventory, beginning 53 Add: Cost of goods manufactured Sheet1 >/nCh 15: Excel Simulation Saved F G H 7 100 points A1 B 41 Total manufacturing costs ✓ fx с 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 Stanford Enterprises uses job-order costing. 47 3. Prepare a schedule of cost of goods sold. eBook 48 49 Print 50 References 51 D Stanford Enterprises Schedule of Cost of Goods Sold 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 E E 62 Sheet1 Help Sa

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