Buperior Manufacturing Company has the following cost and expense data for the year snding December 31, 2010. Raw materials, I/I/10- Raw materials, 12/31/10- Raw materials purchases- Indirect materials -$15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10- Finished goods, 12/31/10 - Direct labor - $30.000 Insurance, factory $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 $14,000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO X $90,000 MO $65,000 MO Factory manager's salary-$35,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, Short-term Investments $26.000 Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2010.

Buperior Manufacturing Company has the following cost and expense data for the year snding December 31, 2010. Raw materials, I/I/10- Raw materials, 12/31/10- Raw materials purchases- Indirect materials -$15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10- Finished goods, 12/31/10 - Direct labor - $30.000 Insurance, factory $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 $14,000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO X $90,000 MO $65,000 MO Factory manager's salary-$35,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, Short-term Investments $26.000 Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2010.

Name: Superior Manufacturing Company has the following cost and expense dat
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Description: Superior Manufacturing Company has the following cost and expense data for the yearending December 31, 2010.Raw materials, I/1/10-Raw materials, 12/31/10-Raw materials purchasesIndirect materials - $15,000 MOWork in process, 1/1/10-Work in process,

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

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Question

Superior Manufacturing Company has the following cost and expense data for the year
ending December 31, 2010.
Raw materials, I/1/10-
Raw materials, 12/31/10-
Raw materials purchases
Indirect materials - $15,000 MO
Work in process, 1/1/10-
Work in process, 12/31/10 -
Finished goods, 1/1/10 –
Finished goods, 12/31/10-
Direct labor -
Factory manager's salary - $35,000 MO
$30.000
$20,000 Property taxes, factory building $6,000 MO
$205,000 Sales (net) $1,500,000
Insurance, factory
$14.000 MO
Delivery expenses $100,000
$80,000 Sales commissions $150,000
$50,000 Indirect labor
$110,000 Factory machinery rent $40,000MO
$120,000 Factory utilities
$350,000 Depreciation, factory building $24,000 MO
$90,000 MO
$65,000 MO
Administrative expenses $300,000 X
Instructions
(a) Prepare a cost of goods manufactured schedule for Superior Company for 2010.
(b) Prepare an income statement for Superior Company for 2010.
(c) Assume that Superior Company's ledgers show the balances of the following current
asset accounts:
Cash $17,000,
Accounts Receivable (net) $120,000,
Prepaid Expenses $13,000,
Short-term Investments $26.000,
Prepare the current assets section of the balance sheet for Superior Company as of December 31,
2010.
n (U.SI

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