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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.).

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.).

FINANCIAL ACCOUNTING
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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Haw materia15 Work in process Finished goods The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $735,000. the unadjusted cost of goods sold totaled $666,000, and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Income COGS Statement Schedule: 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. Prepare an income statement for the year. Superior Company Income Statement Raw materials Work in process Finished goods $50,00 Seling and administrative expenses $ 38,000 Inventory balances at the beginning and end of the year were as follows: Ending $ 34,000 $ 24,000 Income Statement Adjusted cost of goods sold COGM Schedule Mork in process Finished goods The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $735,000, the unadjusted cost of goods sold totaled $666,000, and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Beginning $ 50,000 $ 38,000 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.) COGS Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Complete this question by entering your answers in the tabs below. Income Statement $ 24,000 COGM Schedule Direct materiale Income Statement Total raw materials available <Income Statement $ 35,000 The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $735,000, the unadjusted cost of goods sold totaled $666,000; and the net operating income was $37,000. 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) CooD Schedule Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. cod Schedule Dvect materials used in production COGS Schedule > Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured COGM Schedule > Supedor Company COGS Schedule
Transcribed Image Text:Haw materia15 Work in process Finished goods The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $735,000. the unadjusted cost of goods sold totaled $666,000, and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Income COGS Statement Schedule: 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. Prepare an income statement for the year. Superior Company Income Statement Raw materials Work in process Finished goods $50,00 Seling and administrative expenses $ 38,000 Inventory balances at the beginning and end of the year were as follows: Ending $ 34,000 $ 24,000 Income Statement Adjusted cost of goods sold COGM Schedule Mork in process Finished goods The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $735,000, the unadjusted cost of goods sold totaled $666,000, and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Beginning $ 50,000 $ 38,000 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.) COGS Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Complete this question by entering your answers in the tabs below. Income Statement $ 24,000 COGM Schedule Direct materiale Income Statement Total raw materials available <Income Statement $ 35,000 The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $735,000, the unadjusted cost of goods sold totaled $666,000; and the net operating income was $37,000. 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) CooD Schedule Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. cod Schedule Dvect materials used in production COGS Schedule > Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured COGM Schedule > Supedor Company 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: Raw materials. Hork in process Finished goods Deginning $50,000 $ 35,000 Ending $34,000 $24,000 $215,000 $261,000 ? $ 158,000 $369,000 $.354,000 The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666.000, and the net operating income was $37,000. 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 (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. Hork in process Finished goods Deginning $50,000 $ 35,000 Ending $34,000 $24,000 $215,000 $261,000 ? $ 158,000 $369,000 $.354,000 The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666.000, and the net operating income was $37,000. 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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