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 $ 53,000 > $ 32,000 Ending $ 30,000 $ 26,000 $ 212,000 $ 266,000 ? $ 154,000 $375,000 $ 358,000 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 $662,000, and the net operating income was $34,000. 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 $ 53,000 > $ 32,000 Ending $ 30,000 $ 26,000 $ 212,000 $ 266,000 ? $ 154,000 $375,000 $ 358,000 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 $662,000, and the net operating income was $34,000. 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give image format and solve all parts
![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
$53,000
X
$ 32,000
Ending
$ 30,000
$ 26,000
$ 212,000
$ 266,000
?
$ 154,000
$375,000
$ 350,000
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 $662,000, and the net operating income was $34,000. 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea6bde4e-c725-4e00-a32f-5e39c02069ee%2F44befd8a-e8aa-479c-bb4d-8df8420d6b2f%2F3kiv3tt_processed.jpeg&w=3840&q=75)
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
$53,000
X
$ 32,000
Ending
$ 30,000
$ 26,000
$ 212,000
$ 266,000
?
$ 154,000
$375,000
$ 350,000
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 $662,000, and the net operating income was $34,000. 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.)
![Income
Statement
COGS
Schedule
Prepare a schedule of cost of goods manufactured.
Direct materials
Total raw materials available
COGM
Schedule
Direct materials used in production
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
Show Transcribed Text
Superior Company
Schedule of Cost Goods Manufactured
statement and schedule of cost of goods sold first followed by the schedule of cost of goods manuiacture.
A
Complete this question by entering your answers in the tabs below.
Income
COGS
Statement Schedule
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
Add Underapplied overhead
Adjusted cost of goods sold
Show Transcribed Text
Income
COGS
Statement Schede
<COGS Schedule
Net operating income
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses
Selling expenses
Administrative expenses
<Income Statement
Complete this question by entering your answers in the tabs below.
COGM
Schedule
COGS Schedule
Prepare an income statement for the year.
COGM Schedule
Superior Company
Income Statement
COGM Schedule >
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea6bde4e-c725-4e00-a32f-5e39c02069ee%2F44befd8a-e8aa-479c-bb4d-8df8420d6b2f%2Fogrz6uq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Income
Statement
COGS
Schedule
Prepare a schedule of cost of goods manufactured.
Direct materials
Total raw materials available
COGM
Schedule
Direct materials used in production
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
Show Transcribed Text
Superior Company
Schedule of Cost Goods Manufactured
statement and schedule of cost of goods sold first followed by the schedule of cost of goods manuiacture.
A
Complete this question by entering your answers in the tabs below.
Income
COGS
Statement Schedule
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
Add Underapplied overhead
Adjusted cost of goods sold
Show Transcribed Text
Income
COGS
Statement Schede
<COGS Schedule
Net operating income
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses
Selling expenses
Administrative expenses
<Income Statement
Complete this question by entering your answers in the tabs below.
COGM
Schedule
COGS Schedule
Prepare an income statement for the year.
COGM Schedule
Superior Company
Income Statement
COGM Schedule >
4
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