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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 Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 34,000 Ending $ 32,000 $ 25,000 ? $ 211,000 $ 260,000 ? $ 154,000 $369,000 $ 354,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $39,000. 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 tatement 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 Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 34,000 Ending $ 32,000 $ 25,000 ? $ 211,000 $ 260,000 ? $ 154,000 $369,000 $ 354,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $39,000. 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 tatement 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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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 a schedule of cost of goods manufactured. Beginning work in process inventory Direct materials: Superior Company Schedule of Cost Goods Manufactured Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production 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 $ 58,000 260,000 318,000 32,000 $ 286,000 35,000 369,000 COOM Schedule $ 690,000 690,000 25,800 696,000
Transcribed Image Text: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 a schedule of cost of goods manufactured. Beginning work in process inventory Direct materials: Superior Company Schedule of Cost Goods Manufactured Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production 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 $ 58,000 260,000 318,000 32,000 $ 286,000 35,000 369,000 COOM Schedule $ 690,000 690,000 25,800 696,000
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 Beginning and ending inventory balances were as follows: Ending $ 32,000 $ 25,000 ? Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 34,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed to Cost of Good's Sold. Complete this question by entering your answers in the tabs below. 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 $ 211,000 $ 260,000 ? COGM Schedule $ 154,000 $369,000 $ 354,000 Prepare a 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 Beginning and ending inventory balances were as follows: Ending $ 32,000 $ 25,000 ? Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 34,000 The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed to Cost of Good's Sold. Complete this question by entering your answers in the tabs below. 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 $ 211,000 $ 260,000 ? COGM Schedule $ 154,000 $369,000 $ 354,000 Prepare a schedule of cost of goods manufactured.
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