Required: Superior Corporation applies manufacturing overhead to production at 65% of direct labor cost. During the year ended 20xx. manufacturing overhead of $129,935 was applied to production; actual manufacturing overhead was $157,400. Ending Work in Process Inventory was $24,000, and ending Finished Goods Inventory was $33,840. Work in Process Inventory increased by 20% during the year and Finished Goods Inventory increased by 20% during the year, Unadjusted Cost of Goods Sold was $573,900. Complete the following schedule: (Hint: Begin with unadjusted cost of goods sold and work forward and then backward.) Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Total current manufacturing costs + Beginning work in process inventory -Ending work in process inventory Cost of Goods Manufactured + Beginning work in process inventory - Ending work in process inventory Unadjusted cost of goods sold Under(over)applied overhead adjustment Adjusted cost of goods sold Amount 0

Required: Superior Corporation applies manufacturing overhead to production at 65% of direct labor cost. During the year ended 20xx. manufacturing overhead of $129,935 was applied to production; actual manufacturing overhead was $157,400. Ending Work in Process Inventory was $24,000, and ending Finished Goods Inventory was $33,840. Work in Process Inventory increased by 20% during the year and Finished Goods Inventory increased by 20% during the year, Unadjusted Cost of Goods Sold was $573,900. Complete the following schedule: (Hint: Begin with unadjusted cost of goods sold and work forward and then backward.) Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Total current manufacturing costs + Beginning work in process inventory -Ending work in process inventory Cost of Goods Manufactured + Beginning work in process inventory - Ending work in process inventory Unadjusted cost of goods sold Under(over)applied overhead adjustment Adjusted cost of goods sold Amount 0

Name: Required:Superior Corporation applies manufacturing overhead to produ
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Description: Required:Superior Corporation applies manufacturing overhead to production at 65% of direct labor cost. During the year ended 20xx.manufacturing overhead of $129,935 was applied to production; actual manufacturing overhead was $157,400. Ending Work

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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