**Superior Company Financial Data for Year Ending December 31**The following data was provided by Superior Company for the year ending December 31:- **Expenses:** - Selling Expenses: $213,000 - Purchases of Raw Materials: $260,000 - Direct Labor: (to be determined) - Administrative Expenses: $158,000 - Manufacturing Overhead Applied to Work in Process: $370,000 - Actual Manufacturing Overhead Cost: $354,000**Inventory Balances**- **Raw Materials:** - Beginning: $59,000 - Ending: $31,000- **Work in Process:** - Beginning: (to be determined) - Ending: $25,000- **Finished Goods:** - Beginning: $37,000 - Ending: (to be determined)**Additional Information:**- Total manufacturing costs added to production: $670,000- Cost of goods available for sale: $720,000- Unadjusted cost of goods sold: $661,000- Net operating income: $37,000- The company's overhead is adjusted through the Cost of Goods Sold.**Requirement:**Prepare the following:1. Schedules for the cost of goods manufactured.2. Cost of goods sold and an income statement.**Note:**Begin by preparing the income statement and schedule of cost of goods sold, followed by the schedule of cost of goods manufactured.Complete this analysis by entering the required data in the designated sections. **Educational Website Transcription****Instructions:**Prepare schedules of cost of goods manufactured and cost of goods sold, along with an income statement. *(Hint: Begin with the income statement and schedule of cost of goods sold, followed by the schedule of cost of goods manufactured.)***Task:**Complete this question by entering your answers in the tabs below.**Tabs:**1. Income Statement2. COGS (Cost of Goods Sold) Schedule3. COGM (Cost of Goods Manufactured) Schedule**Income Statement Preparation:****Superior Company****Income Statement**- **Sales**: [Enter amount]- **Cost of Goods Sold**: [Enter amount]- **Gross Margin**: 0**Selling and Administrative Expenses:**- **Selling Expenses**: [Enter amount]- **Administrative Expenses**: [Enter amount]- **Net Operating Income**: 0[Navigation Buttons]- < Income Statement- COGS Schedule >

Name: **Superior Company Financial Data for Year Ending December 31**The fo
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: **Superior Company Financial Data for Year Ending December 31**The following data was provided by Superior Company for the year ending December 31:- **Expenses:** - Selling Expenses: $213,000 - Purchases of Raw Materials: $260,000 - Direct Labor:

Cost of Goods sold is the total costs incurred for manufacturing the goods sold during a period.…

Business

Accounting

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 $ 213,000 $ 260,000 Direct labor ? Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 59,000 Ending $ 31,000 $ 25,000 Raw materials Work in process Finished goods $ 37,000 ? The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $720,000 the unadjusted cost overapplied overhead is closed to Cost of Goods Sold. goods sold total $661,000; and the net operating income was $37,000. The company's underapplied or 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 $ 213,000 $ 260,000 Direct labor ? Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 59,000 Ending $ 31,000 $ 25,000 Raw materials Work in process Finished goods $ 37,000 ? The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $720,000 the unadjusted cost overapplied overhead is closed to Cost of Goods Sold. goods sold total $661,000; and the net operating income was $37,000. The company's underapplied or 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.
The following is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. None of the above c. £346,000 d. £95,000
Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
the following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporatino for the just completed year. Sales $880 Raw materials in inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses $100 Selling expenses: $130 Work in process inventory, beginning: $80 Work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods manufactured (finished) for the year (in thousands of dollars) was: $610 $600 $500 $630 Show work/calculation
During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; 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:…
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
Please give me answer for this question
The following data was taken from the general ledger and other records of Vanderbeck Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year: Sales Inventories at January 1: $650,000 Materials inventory 25,000 Work in process inventory 29,000 Finished goods inventory 48,000 Inventories at January 31: Materials inventory 20,000 Work in process inventory 32,000 Finished goods inventory 54,000 Materials purchased 154,000 Labor Costs: 185,000 30,000 Assembly workers' wages Supervisors' salaries Sales personnel salaries 52,000 Depreciation: Factory building 73,000 Sales office 28,000 Indirect materials used 3,000 Factory utilities 67,000 Determine the cost of goods sold for the month
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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:…
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 27,553 Conversion costs 8,905 Current period costs Direct materials 166,592 Conversion costs 86,000 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,400 units Ending inventory 25,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations.