Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

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.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS