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Stanford Enterprises uses job-order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just ended. Data: Estimated total overhead costs Estimated total direct labor hours Actual total direct labor hours Actual costs for the year: Purchase of raw (direct) materials Direct labor cost Manufacturing overhead Inventories: Raw Materials (All Direct) Work in Process Finished Goods. $ 2,75,000 25,000 27,760 $ 3,75,000 $ 5,36,300 $ 3,02,750 Ending Beginning $ 15,000 $ 11,375 27,875 34.600 22,350 26.450

Stanford Enterprises uses job-order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just ended. Data: Estimated total overhead costs Estimated total direct labor hours Actual total direct labor hours Actual costs for the year: Purchase of raw (direct) materials Direct labor cost Manufacturing overhead Inventories: Raw Materials (All Direct) Work in Process Finished Goods. $ 2,75,000 25,000 27,760 $ 3,75,000 $ 5,36,300 $ 3,02,750 Ending Beginning $ 15,000 $ 11,375 27,875 34.600 22,350 26.450

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 12E: Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was...
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Integrated Excel: Calculating Cost of Goods Manufactured and Cost of Goods Sold Stanford Enterprises uses job-order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just ended. Data: Estimated total overhead costs Estimated total direct labor hours Actual total direct labor hours Actual costs for the year: Purchase of raw (direct) materials Direct labor cost Manufacturing overhead Inventories: Raw Materials (All Direct) Work in Process Finished Goods Use the data to answer the following. $ 2,75,000 25,000 27,760 $ 3,75,000 $ 5,36,300 $ 3,02,750 Beginning Ending $ 15,000 $ 11,375 22,350 26,450 27,875 34,600 1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
Transcribed Image Text:Integrated Excel: Calculating Cost of Goods Manufactured and Cost of Goods Sold Stanford Enterprises uses job-order costing. Overhead is applied on the basis of direct labor hours. The following information relates to the year just ended. Data: Estimated total overhead costs Estimated total direct labor hours Actual total direct labor hours Actual costs for the year: Purchase of raw (direct) materials Direct labor cost Manufacturing overhead Inventories: Raw Materials (All Direct) Work in Process Finished Goods Use the data to answer the following. $ 2,75,000 25,000 27,760 $ 3,75,000 $ 5,36,300 $ 3,02,750 Beginning Ending $ 15,000 $ 11,375 22,350 26,450 27,875 34,600 1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
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