Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct-materials):Selling expensesPurchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costBeginning and ending inventory balances were as follows:$ 213,000$ 264,000?$ 156,000$ 371,000$ 360,000Raw materialsWork in processFinished goodsBeginning$ 56,000?Ending$ 32,000$27,000$ 37,000?.The total manufacturing costs' added to production for the year were $690,000; the cost of goods available for sale totaled $735,000;the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied oroverapplied overhead is closed to Cost of Goods Sold.Required:Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the incomestatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)Complete this question by entering your answers in the tabs below.IncomeStatementCOGSScheduleCOGMSchedulePrepare a schedule of cost of goods manufactured.

The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

erior Company provided the following data for the year ended December 31 (all raw materials are used in production as erials): elling expenses urchases of raw materials irect labor dministrative expenses anufacturing overhead applied to work in process ctual manufacturing overhead cost ginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 56,000 Ending $ 32,000 ? $ 27,000 $ 37,000 ?. $ 213,000 $ 264,000 ? $ 156,000 $ 371,000 $360,000

erior Company provided the following data for the year ended December 31 (all raw materials are used in production as erials): elling expenses urchases of raw materials irect labor dministrative expenses anufacturing overhead applied to work in process ctual manufacturing overhead cost ginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 56,000 Ending $ 32,000 ? $ 27,000 $ 37,000 ?. $ 213,000 $ 264,000 ? $ 156,000 $ 371,000 $360,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Superior Company provided the following data for the year ended December 31 (all raw materials areused in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? question mark Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 53,000 $ 31,000 Work in process ? question mark $ 24, 000 Finished goods $ 32,000 ? question mark The total manufacturing costs added to production for the year were $675, 000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667, 000, and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the…
During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
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From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $64,000 180,000 Manufacturing Overhead Incurred Direct Materials Used 155,000 197,000 98,000 220,500 110,000 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in - Process Inventory, Jan. 1 Work-in - Process Inventory, Dec. 31 O A. $185,000 B. $509,500 OC. $289,000 O D. $399,000
Kris GmbH has provided the following information regarding their inventories: Total Manufacturing Costs: $781,227 Work-in-Process inventory, Jan 1: $52,821 Work-in-Process inventory, Dec 31: $70,682 Finished Goods inventory, Jan 1: $176,432 Finished Goods inventory, Dec 31: $146,452 What is Cost of Goods Sold for the year?
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ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 91,900 11,900 134,000 54,000 The amount of direct materials issued is: