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 $ 55,000 ? $ 30,000 Ending $ 33,000 $ 23,000 ? $ 265,000 ? $ 160,000 $ 370,000 $ 356,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $750,000; 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.)

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 $ 55,000 ? $ 30,000 Ending $ 33,000 $ 23,000 ? $ 265,000 ? $ 160,000 $ 370,000 $ 356,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $750,000; 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.)

Name: Superior Company provided the following data for the year ended Decem
Uploaded: 2024-03-20T06:32:49.000Z
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Description: 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 materialsDirect laborAdministrative expensesManufacturing overhead applied to

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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Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending Raw materials $21,000 $21,000 Work in process $21,000 $14,000 Finished goods $27,000 $56,000 Additional information: Sales $290,000 Raw materials purchases $76,000 Direct labor cost $45,000 Manufacturing overhead cost $76,000 Selling expense $28,000 Administrative expense $42,000 The cost of goods manufactured for May was: $194,000 $121,000 $204,000 $187,000 Show work/calculation
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 270,000 Direct labor ? Administrative expenses $ 152,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 51,000 $ 32,000 Work in process ? $ 32,000 Finished goods $ 31,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $39,000. 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.
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Subject - Acounting
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