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2. Prepare a schedule of cost of goods manufactured: 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 Total cost of work in process Deduct: Ending work in process inventory Cost of goods manufactured 3. Prepare a schedule of cost of goods sold. 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

2. Prepare a schedule of cost of goods manufactured: 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 Total cost of work in process Deduct: Ending work in process inventory Cost of goods manufactured 3. Prepare a schedule of cost of goods sold. 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A1 A 33 Direct materials: 34 A B с 29 2. Prepare a schedule of cost of goods manufactured: 30 31 32 Raw materials inventory, beginning 35 Add: Purchases of raw materials 36 Total raw materials available 37 Deduct: Raw materials inventory, ending Raw materials used in production Stanford Enterprises Schedule of Cost of Goods Manufactured 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 38 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 47 3. Prepare a schedule of cost of goods sold. 48 49 50 fx 51 52 Finished goods inventory, beginning D 53 Add: Cost of goods manufactured 54 Cost of goods available for sale 55 Deduct: Finished goods inventory, ending Stanford Enterprises Schedule of Cost of Goods Sold 56 Unadjusted cost of goods sold 57 Underapplied (overapplied) overhead 58 Adjusted cost of goods sold 59 Stanford Enterprises uses job-order costing. E G H I
Transcribed Image Text:A1 A 33 Direct materials: 34 A B с 29 2. Prepare a schedule of cost of goods manufactured: 30 31 32 Raw materials inventory, beginning 35 Add: Purchases of raw materials 36 Total raw materials available 37 Deduct: Raw materials inventory, ending Raw materials used in production Stanford Enterprises Schedule of Cost of Goods Manufactured 44 Deduct: Ending work in process inventory 45 Cost of goods manufactured 46 38 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 47 3. Prepare a schedule of cost of goods sold. 48 49 50 fx 51 52 Finished goods inventory, beginning D 53 Add: Cost of goods manufactured 54 Cost of goods available for sale 55 Deduct: Finished goods inventory, ending Stanford Enterprises Schedule of Cost of Goods Sold 56 Unadjusted cost of goods sold 57 Underapplied (overapplied) overhead 58 Adjusted cost of goods sold 59 Stanford Enterprises uses job-order costing. E G H I
A1 B с 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 I A 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 23 24 25 26 9 Actual costs for the year: 10 11 12 Manufacturing overhead costs 13 14 Inventories: 15 16 17 18 19 Use the data to answer the following. 20 27 28 X Purchase of raw materials (all direct) Direct labor cost Raw materials (all direct) Work in process Finished goods ◄ Predetermined overhead rate Actual direct labor hours Manufacturing overhead applied fxx Stanford Enterprises uses job-order costing. Sheet1 D + Beginning $ $ $ Underapplied (overapplied) manufacturing overhead 15,000 $ 27,875 $ 34,600 $ 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost E $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 Ending 11,375 22,350 26,450 F G H I Y
Transcribed Image Text:A1 B с 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 I A 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 23 24 25 26 9 Actual costs for the year: 10 11 12 Manufacturing overhead costs 13 14 Inventories: 15 16 17 18 19 Use the data to answer the following. 20 27 28 X Purchase of raw materials (all direct) Direct labor cost Raw materials (all direct) Work in process Finished goods ◄ Predetermined overhead rate Actual direct labor hours Manufacturing overhead applied fxx Stanford Enterprises uses job-order costing. Sheet1 D + Beginning $ $ $ Underapplied (overapplied) manufacturing overhead 15,000 $ 27,875 $ 34,600 $ 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost E $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 Ending 11,375 22,350 26,450 F G H I Y
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