Problem 3-13 (Static) 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 Beginning and ending inventory balances were as follows: Beginning $ 140,000 $ 290,000 ? $ 100,000 $ 285,000 $ 270,000 Raw materials Work in process Finished goods Ending $ 40,000 $ 10,000 ? $ 35,000 $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.)

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...
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can you help me how to calculate direct labor, begin of working process, and ending finished good based on the information given above?

Problem 3-13 (Static) 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
Beginning and ending inventory balances were as follows:
Beginning
$ 140,000
$ 290,000
?
$ 100,000
$ 285,000
$ 270,000
Raw materials
Work in process
Finished goods
Ending
$ 40,000
$ 10,000
?
$ 35,000
$ 50,000
?
The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000;
the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.)
Transcribed Image Text:Problem 3-13 (Static) 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 Beginning and ending inventory balances were as follows: Beginning $ 140,000 $ 290,000 ? $ 100,000 $ 285,000 $ 270,000 Raw materials Work in process Finished goods Ending $ 40,000 $ 10,000 ? $ 35,000 $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.)
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