PLEASE I NEED FROM THE COGM SCHEDULE:BEGGINING WORK IN PROCESS INVENTORYTOTAL MANUFACTURING COSTST O ACCOUNT FOR AND COST OF GOODS MANUFACTUREDI just asked this question a while ago and Idk from where they took a different data to sole the problem.please check the data before giving back an answer because it seem that the prevoius person took the answers from a similar problem without checking if the info matches with the question that I am aking for.Thank you IncomeCOGSCOGMStatementScheduleSchedulePrepare a schedule of cost of goods manufactured.Superior CompanySchedule of Cost Goods ManufacturedBeginning work in process inventoryDirect materials:54,000268,000Beginning raw materials inventory$Add: Purchases of raw materialsTotal raw materials available322,000Less: Ending raw materials inventory(35,000)Direct materials used in production$287,000Direct labor27,000Manufacturing overhead applied to work in processTotal manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufactured371,000(23,000)< COGS ScheduleCOGM Schedule Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; IncomeStatement [L03-3]Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as directmaterials):Selling expensesPurchases of raw materials$ 217,000$ 268,000Direct laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead cost$ 159,000$ 371,000$ 359,000Inventory balances at the beginning and end of the year were as follows:Beginning$ 54,000Ending$ 35,000$ 23,000Raw materialsWork in processFinished goods$ 39,000?The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003;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.)

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Description: PLEASE I NEED FROM THE COGM SCHEDULE:BEGGINING WORK IN PROCESS INVENTORYTOTAL MANUFACTURING COSTST O ACCOUNT FOR AND COST OF GOODS MANUFACTUREDI just asked this question a while ago and Idk from where they took a different data to sole the problem.p

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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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PLEASE I NEED FROM THE COGM SCHEDULE:

BEGGINING WORK IN PROCESS INVENTORY

TOTAL MANUFACTURING COSTST O ACCOUNT FOR

AND COST OF GOODS MANUFACTURED

I just asked this question a while ago and Idk from where they took a different data to sole the problem.

please check the data before giving back an answer because it seem that the prevoius person took the answers from a similar problem without checking if the info matches with the question that I am aking for.

Thank you

Income
COGS
COGM
Statement
Schedule
Schedule
Prepare a schedule of cost of goods manufactured.
Superior Company
Schedule of Cost Goods Manufactured
Beginning work in process inventory
Direct materials:
54,000
268,000
Beginning raw materials inventory
$
Add: Purchases of raw materials
Total raw materials available
322,000
Less: Ending raw materials inventory
(35,000)
Direct materials used in production
$
287,000
Direct labor
27,000
Manufacturing overhead applied to work in process
Total manufacturing costs added to production
Total manufacturing costs to account for
Less: Ending work in process inventory
Cost of goods manufactured
371,000
(23,000)
< COGS Schedule
COGM Schedule

Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income
Statement [L03-3]
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
$ 217,000
$ 268,000
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
$ 159,000
$ 371,000
$ 359,000
Inventory balances at the beginning and end of the year were as follows:
Beginning
$ 54,000
Ending
$ 35,000
$ 23,000
Raw materials
Work in process
Finished goods
$ 39,000
?
The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003;
the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. 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
statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Expert Solution

Step 1 Introduction

The cost of goods sold is calculated as difference between cost of goods available for sale and ending inventory of finished goods.

Cost of goods manufactured is calculated as cost of goods available for sale minus beginning inventory of finished goods.

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