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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 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 $ 58,000 2 $ 38,000 Ending $ 33,000 $ 30,000 $ 220,000 $ 264,000 ? $ 155,000 $364,000 $ 351,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000 the unadjusted cost of goods sold totaled $663,000; and the net operating Income was $32,000. 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.)

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 Work in process Finished goods Beginning $ 58,000 2 $ 38,000 Ending $ 33,000 $ 30,000 $ 220,000 $ 264,000 ? $ 155,000 $364,000 $ 351,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000 the unadjusted cost of goods sold totaled $663,000; and the net operating Income was $32,000. 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.)

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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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 Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Income Statement 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 Complete this question by entering your answers in the tabs below. COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Income Statement COGM Schedule COGS Schedule Beginning work in process inventory Direct materials: < Income Statement 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. COGM Schedule Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Prepare a schedule of cost of goods manufactured. Less: Ending raw materials inventory Direct materials used in production 0 Superior Company Schedule of Cost Goods Manufactured 0 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured COGS Schedule > <COGS Schedule COGM Schedule > 0
Transcribed Image Text: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 Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Income Statement 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 Complete this question by entering your answers in the tabs below. COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Income Statement COGM Schedule COGS Schedule Beginning work in process inventory Direct materials: < Income Statement 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. COGM Schedule Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Prepare a schedule of cost of goods manufactured. Less: Ending raw materials inventory Direct materials used in production 0 Superior Company Schedule of Cost Goods Manufactured 0 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured COGS Schedule > <COGS Schedule COGM Schedule > 0
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 Work in process Finished goods Beginning $ 58,000 ? $ 38,000 Ending $ 33,000 $ 30,000 2 $ 220,000 $ 264,000 ? $ 155,000 $364,000 $ 351,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000: the unadjusted cost of goods sold totaled $663,000; and the net operating Income was $32,000. 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: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 Work in process Finished goods Beginning $ 58,000 ? $ 38,000 Ending $ 33,000 $ 30,000 2 $ 220,000 $ 264,000 ? $ 155,000 $364,000 $ 351,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000: the unadjusted cost of goods sold totaled $663,000; and the net operating Income was $32,000. 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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