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Overhead Analysis and Preparing Schedules of Cost of Goods using Excel's SUM and Basic Math Functions [L05, L06] Stanford Enterprises has provided its manufacturing estimated and actual data for the year end. 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. - Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, \"=E5\" was entered, the formula would output the result from cell E5, or $275,000 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 add), (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, ifin a blank cell \"=E6+E7" was entered, the formula would add the values from those cells and output the result, or 52,760 in this example. If using the other math symbols the result would output an appropriate answer for its function. - SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell \"=SUM(E10,E11,E'|2)\" was entered, the formula would output the result of adding those three separate cells, or 1,214,050 in this example. Similarly, ifin a blank cell \"=SUM(E10:E12)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 1,214,050 in this example. A1 v 1'; Stanford Enterprises uses job-order costing. A B C D 1 lStanford Entellises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: Estimated total manufacturing overhead cost Estimated total direct labor hours Actual total direct labor hours \\DOOHJCJNUI Actual costs for the year: 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 14 Inventories: Beginning 15 Raw materials (all direct) $ 15,000 $ 16 Work in process $ 27,875 $ 17 Finished goods $ 34,600 $ E $ 275 ,000 25 ,000 27 ,760 $375 ,000 $536,300 $302,750 Ending 11 ,375 22,350 26 ,450 A B C D E F 19 Use the data to answer the following. 20 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost 23 Predetermined overhead rate 24 Actual direct labor hours 25 Manufacturing overhead applied 26 27 Underapplied (overapplied) manufacturing overhead 28 29 2. Prepare a schedule of cost of goods manufactured: 30 31 Stanford Enterprises 32 Schedule of Cost of Goods Manufactured 33 Direct materials: 34 Raw materials inventory, beginning 35 Add: Purchases of raw materials 36 Total raw materials available 37 Deduct: Raw materials inventory, ending 38 Raw materials used in production 39 Direct labor 40 Manufacturing overhead applied to work in process 41 Total manufacturing costs 42 Add: Beginning work in process inventory 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 A B C D 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

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