Question

1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. 1 DB5 Cost of Goods Manufactured and Cost of Goods Sold - Excel

Answer 1

June 2020 - July 2021 - Microsoft Excel 2 Home Insert Page Layout Formulas Data Review View X fr Σ Calculate Now Insert Function AutoSum Recently Financial Logical Text Date & Lookup & Math & More Used Time - Reference - Trig. Functions Function Library A1 fa a Define Name - Trace Precedents 5 Show Formulas IP Use in Formula -Trace Dependents Error Checking Oo Name Watch Manager Create from Selection Remove Arrows * Evaluate Formula Window Defined Names Formula Auditing Calculation Calculate Sheet Options Calculation А B c с D E F 1 2 3 4 5 6 7 8 9 302750 Requirement (1) Actual Manufacturing overhead Predetermined overhead rate Actual direct labour hours Manufacturing overhead applied =275000/25000 27760 =C6*C7 10 Underapplied/ (Overapplied) manufacturing overhead =D8-D5 11 12 13 14 15 16 17 18 19 20 21 Requirement (2) Stanford Enterprises Schedule of cost of goods manufactured Direct materials: Raw materials inventory, beginning 15000 Add : Purchase of raw materials 375000 Total Raw materials available =C16+C17 Deduct: Raw materials inventory, ending 11375 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 22 23 =C18-C19 536300 =D8 =D20+D21+D22 27875 =D23+D24 22350 =D25-D26 24 25 26 27 28 Sheet95 Sheet96 Sheet96 Sheet97 Sheet97 Sheet98 Sheet99 Sheet100 Sheet1075 Sheet731 Sheet1456 Sheet1316 | Ready BO 100%

June 2020 - July 2021 - Microsoft Excel Home Insert Formulas Page Layout Data Review View X fr Calculate Now Σ Insert AutoSum Recently Financial Logical Text Date & Lookup & Math & More Function Time Reference TrigFunctions Function Library A34 fix a Define Name - IP Use in Formula Name Manager in Create from Selection Defined Names Trace Precedents 5 Show Formulas Oo - Trace Dependents Error Checking Watch Remove Arrows - Fu Evaluate Formula Evaluate Formula Window Formula Auditing Calculation Calculate Sheet Options Calculation А B с D E F G Requirement (3) Stanford Enterprises Income Statement 29 30 31 32 33 34 35 1500000 36 37 38 Sales Revenue Less : 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 Gross profit Less : Selling and administrative expense Net Operating Income 34600 =D27 =C34+C35 26450 =C36-C37 -2610 39 40 41 42 43 =C38+039 =D32-D40 =D32 10% =D41-D42 44 Note : Please comment down if you need any further assistance. 45 46 47 48 49 50 51 52 53 54 55 56 HEN Sheet95 Sheet96 Sheet97 Sheet98 Sheet99 Sheet100 Sheet1075 Sheet731 Sheet1456 Sheet13160 Ready OU 100%

$ 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 Income Statement $ 1,500,000 Sales Revenue Less : 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 Gross profit Less : Selling and administrative expense Net Operating Income $ 34,600 $ 1,225,810 $ 1,260,410 $ 26,450 $ 1,233,960 $ (2,610) $ $ $ $ 1,231,350 268,650 150,000 118,650 Note : Please comment down if you need any further assistance.

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