materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost nventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods dla 101 Beginning $ 52,000 ? $ 35,000 Ending $ 35,000 $ 32,000 ? Taw materials are $ 217,000 $ 261,000 ? $ 159,000 $367,000 $ 350,000 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000: he unadjusted cost of goods sold totaled $663,000; and the net operating income was $33,000. 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 income tatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost nventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods dla 101 Beginning $ 52,000 ? $ 35,000 Ending $ 35,000 $ 32,000 ? Taw materials are $ 217,000 $ 261,000 ? $ 159,000 $367,000 $ 350,000 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000: he unadjusted cost of goods sold totaled $663,000; and the net operating income was $33,000. 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 income tatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Income
Statement
COGS
Schedule
Prepare a schedule of cost of goods sold.
Superior Company
Schedule of Cost of Goods Sold
Adjusted cost of goods sold
Income
Statement
Direct materials:
COGS
Schedule
COGM
Schedule
Total raw materials available
Prepare a schedule of cost of goods manufactured.
< Income Statement
COGM
Schedule
Cost of goods manufactured
Direct materials used in production
Superior Company
Schedule of Cost Goods Manufactured
Total manufacturing costs added to production
Total manufacturing costs to account for
< COGS Schedule
COGM Schedule
COGM Schedule >
![Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income
Statement [LO3-3]
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct
materials):
Selling expenses
Purchases of raw materials
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
Inventory balances at the beginning and end of the year were as follows:
Raw materials
Work in process
Finished goods
Beginning
$ 52,000
?
$ 35,000
Income
COGS
Statement Schedule
Ending
$ 35,000
$ 32,000
?
The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000:
the unadjusted cost of goods sold totaled $663,000; and the net operating income was $33,000. The company's underapplied or
overapplied overhead is closed to Cost of Goods Sold.
Complete this question by entering your answers in the tabs below.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income
statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Selling and administrative expenses:
$ 217,000
$ 261,000
?
$ 159,000
$ 367,000
$ 350,000
< Income Statement
COGS Schedule >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2781b477-a13d-4959-ac03-8179b0539c9f%2F9bcb391c-3816-4704-9f8d-87696762843d%2Feqpitua_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income
Statement [LO3-3]
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct
materials):
Selling expenses
Purchases of raw materials
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
Inventory balances at the beginning and end of the year were as follows:
Raw materials
Work in process
Finished goods
Beginning
$ 52,000
?
$ 35,000
Income
COGS
Statement Schedule
Ending
$ 35,000
$ 32,000
?
The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000:
the unadjusted cost of goods sold totaled $663,000; and the net operating income was $33,000. The company's underapplied or
overapplied overhead is closed to Cost of Goods Sold.
Complete this question by entering your answers in the tabs below.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income
statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Selling and administrative expenses:
$ 217,000
$ 261,000
?
$ 159,000
$ 367,000
$ 350,000
< Income Statement
COGS Schedule >
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