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 ? $ 33,000 Income Statement The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. 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. COGS Schedule Ending $ 30,000 $ 24,000 ? 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.) Adjusted cost of goods sold COGM Schedule $ 213,000 $ 269,000 ? Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold $ 150,000 $ 373,000 $360,000
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 ? $ 33,000 Income Statement The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. 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. COGS Schedule Ending $ 30,000 $ 24,000 ? 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.) Adjusted cost of goods sold COGM Schedule $ 213,000 $ 269,000 ? Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold $ 150,000 $ 373,000 $360,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
?
$ 33,000
The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000;
the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. The company's underapplied or
overapplied overhead is closed to Cost of Goods Sold.
Income
Statement
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.)
Complete this question by entering your answers in the tabs below.
COGS
Schedule
Ending
$ 30,000
$ 24,000
?
Adjusted cost of goods sold
COGM
Schedule
$ 213,000
$ 269,000
?
$ 150,000
$ 373,000
$360,000
Prepare a schedule of cost of goods sold.
Superior Company
Schedule of Cost of Goods Sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4525f76-6a1e-4266-8d4a-e2805147da74%2F9c25af63-0341-4e3d-a4d0-c18dd271d76b%2F7hjlqw7_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
?
$ 33,000
The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000;
the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. The company's underapplied or
overapplied overhead is closed to Cost of Goods Sold.
Income
Statement
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.)
Complete this question by entering your answers in the tabs below.
COGS
Schedule
Ending
$ 30,000
$ 24,000
?
Adjusted cost of goods sold
COGM
Schedule
$ 213,000
$ 269,000
?
$ 150,000
$ 373,000
$360,000
Prepare a schedule of cost of goods sold.
Superior Company
Schedule of Cost of Goods Sold
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