Superior Corp, applies manufacturing overhead to production at 75% of direct labor cost. During the year ended 20xx, manufacturing overhead of $148,950 was applied to production; actual manufacturing overhead was $156,800. Ending Work in Process Inventory was $22,770 and ending Finished Goods Inventory was $35,400. Work in Process Inventory increased by 15% during the year and Finished Goods Inventory increased by 20% during the year. Unadjusted Cost of Goods Sold was $573,200. Complete the following schedule: Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Beginning Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold Amount

Superior Corp, applies manufacturing overhead to production at 75% of direct labor cost. During the year ended 20xx, manufacturing overhead of $148,950 was applied to production; actual manufacturing overhead was $156,800. Ending Work in Process Inventory was $22,770 and ending Finished Goods Inventory was $35,400. Work in Process Inventory increased by 15% during the year and Finished Goods Inventory increased by 20% during the year. Unadjusted Cost of Goods Sold was $573,200. Complete the following schedule: Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Beginning Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold Amount

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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