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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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
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