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1 Overhead Analysis and Preparing Schedules of Cost of Goods using Excel's SUM and Basic Math Functions 10 pos Stanford Enterprises has provided its manufacturing estimated and actual data for the year and The Controller has asked you to compute the predetermined overhead rate the schedule of cost of goods manufactured, and the schedule of cost of goods sold Use the information included in the Excel Simulation and the Excel functions described below to complete the task Suped book P • Cell Reference Alows you to refer to data from another cell in the worksheet From the Excel Smation below, if in a blank cell was entered the formula would output the result from celor 5275.000 in this example • Basic Math functions Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys. plus sign to addressign to subtract faste sign to multiply and/tforward slashto dvidelFrom the Excel Smation below. If in blank cell was entered the formule would add the values from those cells and output the result of 52.760 in this example using the other mothymbols the result would output an appropriate answer for its function • SUMunction: Allows you to refer to multiple cells and adds all the values. You can add individual cel references or ranges to this function. From the Excel Stion below, if in a blank celSUMESOME" was entered the formule would out the result of adding those three separate cels, 1244.050 in this example Similarly in a blank cellSUMERE was entered the forms would output the same result of adding those els except they are expressed as a range in the formula and the result would be 12050 in this example FRE HOME CateGoodi Medan Good PAGE DE JOR LAS DATA VW INSERT VIEW M #I AR For T S A1 Stanford mees sondern Wandges obreros 2 The con base for overhead is direct labor hour mated to moting overhead cost 5 275.000 225.000 27.750 SO SMO isio 5 5 37.375 11:37 22.350 26,450

Answer 1

$ 302,750 Requirement (1) Actual Manufacturing overhead Predetermined overhead rate Actual direct labour hours Manufacturing overhead applied $ 11.00 27760 $ 305,360 Underapplied/ (Overapplied) manufacturing overhead $ 2,610 $ $ $ $ 15,000 375,000 390,000 11,375 Requirement (2) Stanford Enterprises Schedule of cost of goods manufactured Direct materials: Raw materials inventory, beginning Add : Purchase of raw materials Total Raw materials available Deduct : Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead applied to work in process Total manufacturing costs Add : Beginning work in process inventory Total cost of work in process Deduct : Ending Work in process inventory Cost of goods manufactured $ 378,625 $ 536,300 $ 305,360 $ 1,220,285 $ 27,875 $ 1,248,160 $ 22,350 $ 1,225,810 Requirement (3) Stanford 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 cost of goods sold Underapplied (Overapplied) Overhead Adjusted cost of goods sold $ 34,600 $ 1,225,810 $ 1,260,410 $ 26,450 $ ,960 $ 2,610 $ 1,231,350 Note : Please comment down if you need any further assistance. Note : All values are entered as positive.

2 X fr Calculate Now Calculation Calculate Sheet Options Calculation G H 1 June 2020 - July 2021 - Microsoft Excel Home Insert Page Layout Formulas Data Review View Σ a a Define Name Trace Precedents 5 Show Formulas SP Use in Formula -Trace Dependents Error Checking Oo Insert AutoSum Recently Financial Logical Text Date & Lookup & Math & More Name Watch Function Used Time - Reference - Trig. Functions Manager Create from Selection Remove Arrows Remove Arrows - Fu Evaluate Formula Evaluate Formula Window Function Library Defined Names Formula Auditing A2 fox А B с D E F 2 Requirement (1) 3 Actual Manufacturing overhead 302750 4 Predetermined overhead rate = 275000/25000 5 Actual direct labour hours 27760 6 Manufacturing overhead applied =C4 C5 7 8 Underapplied/ (Overapplied) manufacturing overhead =D6-D3 9 10 Requirement (2) 11 Stanford Enterprises 12 Schedule of cost of goods manufactured 13 Direct materials: 14 Raw materials inventory beginning 15000 15 Add : Purchase of raw materials 375000 16 Total Raw materials available =SUM(C14:015) 17 Deduct: Raw materials inventory ending 11375 18 Raw materials used in production =C16-C17 19 Direct labour 536300 20 Manufacturing overhead applied to work in process -D6 21 Total manufacturing costs SUM(D18:D20) 22 Add : Beginning work in process inventory 27875 23 Total cost of work in process -SUM(D21:022) 24 Deduct: Ending Work in process inventory 22350 25 Cost of goods manufactured -D23-D24 26 27 Requirement (3) 28 Stanford Enterprises 29 Schedule of cost of goods sold 30 Finished goods inventory,Beginning 34600 31 Add: Cost of goods manufactured =D25 32 Cost of goods available for sale = SUM(C30:031) 33 Deduct : Finished goods inventory, Ending 26450 34 Unadjusted cost of goods sold =C32-C33 35 Underapplied (Overapplied) Overhead =D8 36 Adjusted cost of goods sold =C34-C35 37 H4N Sheet1671 Sheet1075 Sheet731 Sheet1457 Sheet1719 Sheet1456 Sheet1720 Sheet1316 Sheet12710 Ready EO) 80%