All answers must be entered as a formula A1A33 Direct materials:34ABс29 2. Prepare a schedule of cost of goods manufactured:303132Raw materials inventory, beginning35 Add: Purchases of raw materials36Total raw materials available37 Deduct: Raw materials inventory, endingRaw materials used in productionStanford EnterprisesSchedule of Cost of Goods Manufactured44 Deduct: Ending work in process inventory45 Cost of goods manufactured463839 Direct labor40 Manufacturing overhead applied to work in process41 Total manufacturing costs42 Add: Beginning work in process inventory43 Total cost of work in process47 3. Prepare a schedule of cost of goods sold.484950fx5152 Finished goods inventory, beginningD53 Add: Cost of goods manufactured54 Cost of goods available for sale55 Deduct: Finished goods inventory, endingStanford EnterprisesSchedule of Cost of Goods Sold56 Unadjusted cost of goods sold57 Underapplied (overapplied) overhead58 Adjusted cost of goods sold59Stanford Enterprises uses job-order costing.EGHI A1Bс1 Stanford Enterprises uses job-order costing.2 The allocation base for overhead is direct labor hours.3IA4 Data for the year just ended:5 Estimated total manufacturing overhead cost6 Estimated total direct labor hours7 Actual total direct labor hours8232425269 Actual costs for the year:101112 Manufacturing overhead costs1314 Inventories:1516171819 Use the data to answer the following.202728XPurchase of raw materials (all direct)Direct labor costRaw materials (all direct)Work in processFinished goods◄Predetermined overhead rateActual direct labor hoursManufacturing overhead appliedfxx Stanford Enterprises uses job-order costing.Sheet1D+Beginning$$$Underapplied (overapplied) manufacturing overhead15,000 $27,875 $34,600 $21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead:22 Actual manufacturing overhead costE$ 275,00025,00027,760$375,000$536,300$302,750Ending11,37522,35026,450FGHIY

The predetermined overhead rate is calculated as follows:Given:Estimated overhead cost =…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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