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: Ending $ 33,000 $32,000 Raw materials Work in process Finished goods Beginning. $ 51,000 ? $ 37,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $661,000; 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 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. Income Statement COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Raw materials ?. COGS Schedule Selling and administrative expenses: < Income Statement $ 215,000 $ 267,000 ? $160,000 $ 371,000 $ 354,000 0 0 COGS 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: Ending $ 33,000 $32,000 Raw materials Work in process Finished goods Beginning. $ 51,000 ? $ 37,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $661,000; 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 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. Income Statement COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Raw materials ?. COGS Schedule Selling and administrative expenses: < Income Statement $ 215,000 $ 267,000 ? $160,000 $ 371,000 $ 354,000 0 0 COGS Schedule >
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
$ 51,000
?
$ 37,000
Income
Statement
The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $725,000;
the unadjusted cost of goods sold totaled $661,000; 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.
COGS
Schedule
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Raw materials
Ending
$ 33,000
$ 32,000
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.)
?.
Selling and administrative expenses:
Income Statement
$ 215,000
$ 267,000
0
$160,000
$ 371,000
$ 354,000
0
COGS Schedule >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a9145b1-5a00-483d-9547-4c71314fdf5b%2Fb2212e81-1031-4887-b263-a563b5132765%2Fg1o96kh_processed.jpeg&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
$ 51,000
?
$ 37,000
Income
Statement
The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $725,000;
the unadjusted cost of goods sold totaled $661,000; 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.
COGS
Schedule
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Raw materials
Ending
$ 33,000
$ 32,000
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.)
?.
Selling and administrative expenses:
Income Statement
$ 215,000
$ 267,000
0
$160,000
$ 371,000
$ 354,000
0
COGS Schedule >
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