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Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost eginning and ending inventory balances were as follows: Beginning Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? he total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; e unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. The company's underapplied or verapplied overhead is closed to Cost of Goods Sold. equired: repare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income atement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost eginning and ending inventory balances were as follows: Beginning Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? he total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; e unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. The company's underapplied or verapplied overhead is closed to Cost of Goods Sold. equired: repare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income atement 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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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 Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: < Income Statement 0 0 COGS Schedule >
Transcribed Image Text: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 Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: < Income Statement 0 0 COGS Schedule >
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