X FILE Paste Clipboard H5 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. HOME Calibri 23 24 INSERT BIU I Font X 11 Cost of Goods Manufactured and Cost of Goods Sold - Excel FORMULAS DATA REVIEW VIEW PAGE LAYOUT fx B с 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 Raw materials (all direct) Work in process Finished goods 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 9 Actual costs for the year: 10 11 12 13 14 Inventories: 15 16 17 18 19 Use the data to answer the following. 20 % Alignment Number Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs D Cell Conditional Format as Formatting Table Styles Styles E $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 Ending Beginning $ 15,000 $ $ 27,875 $ $ 34,600 $ 26,450 11,375 22,350 F Cells 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost Predetermined overhead rate Actual direct labor hours ? 26 Editing G I 0 Sign In H X < <

X FILE Paste Clipboard H5 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. HOME Calibri 23 24 INSERT BIU I Font X 11 Cost of Goods Manufactured and Cost of Goods Sold - Excel FORMULAS DATA REVIEW VIEW PAGE LAYOUT fx B с 1 Stanford Enterprises uses job-order costing. 2 The allocation base for overhead is direct labor hours. 3 Raw materials (all direct) Work in process Finished goods 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 9 Actual costs for the year: 10 11 12 13 14 Inventories: 15 16 17 18 19 Use the data to answer the following. 20 % Alignment Number Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs D Cell Conditional Format as Formatting Table Styles Styles E $ 275,000 25,000 27,760 $375,000 $536,300 $302,750 Ending Beginning $ 15,000 $ $ 27,875 $ $ 34,600 $ 26,450 11,375 22,350 F Cells 21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: 22 Actual manufacturing overhead cost Predetermined overhead rate Actual direct labor hours ? 26 Editing G I 0 Sign In H X < <

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 11P: Overhead application rate Creole Manufacturing Inc. uses a job order cost system and standard costs....

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For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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