Integrated Excel: Calculating Cost of Goods Manufactured and Cost of Goods Sold
Stanford Enterprises uses joborder costing.
Overhead is applied on the basis of direct labor hours.
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Data:
Estimated total overhead costs
Estimated total direct labor hours
Actual total direct labor hours
Actual costs for the year:
Use the data to answer the following.
Calculate and dispose of overapplied or underapplied manufacturing overhead.
Calculate the cost of goods manufactured and cost of goods sold.
Prepare an income statement for a manufacturing firm.
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