Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as directmaterials):Selling expensesPurchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costBeginning and ending Inventory balances were as follows:Raw materialsWork in processFinished goodsBeginning$ 57,000?$ 33,000The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $740,000;the unadjusted cost of goods sold totaled $668,000; and the net operating Income was $30,000. The company's underapplied oroverapplied overhead is closed to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.COGMScheduleEnding$ 36,000$ 30,000?Required:Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the incomestatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)IncomeCOGSStatement SchedulePrepare a schedule of cost of goods manufactured.Beginning work in process inventoryDirect materials:Superior CompanySchedule of Cost Goods ManufacturedBeginning raw materials inventoryAdd: Purchases of raw materialsTotal raw materials availableLess: Ending raw materials inventoryDirect materials used in productionDirect labor$ 216,000$ 262,000?Total manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufactured$ 159,000$ 371,000$ 355,0000

The cost of goods include the cost of goods that are finished during the period. The cost of goods…

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 $ 57,000 ? $ 33,000 Ending $ 36,000 $ 30,000 ? $ 216,000 $ 262,000 ? $ 159,000 $ 371,000 $ 355,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $668,000; and the net operating Income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

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 $ 57,000 ? $ 33,000 Ending $ 36,000 $ 30,000 ? $ 216,000 $ 262,000 ? $ 159,000 $ 371,000 $ 355,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $668,000; and the net operating Income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

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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