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: Beginning $ 219,000 $ 265,000 ? $ 159,000 $ 374,000 $ 356,000 Raw materials Work in process Finished goods $ 56,000 Ending $ 31,000 ? $ 31,000 $ 35,000 ? 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 $669,000; and the net operating income was $35,000. 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.) 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. Superior Company Direct materials: Total raw materials available Direct materials used in production Schedule of Cost Goods Manufactured Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 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 Beginning and ending inventory balances were as follows: Beginning $ 219,000 $ 265,000 ? $ 159,000 $ 374,000 $ 356,000 Raw materials Work in process Finished goods $ 56,000 Ending $ 31,000 ? $ 31,000 $ 35,000 ? 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 $669,000; and the net operating income was $35,000. 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.) 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. Superior Company Direct materials: Total raw materials available Direct materials used in production Schedule of Cost Goods Manufactured Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Beginning and ending inventory balances were as follows:
Beginning
$ 219,000
$ 265,000
?
$ 159,000
$ 374,000
$ 356,000
Raw materials
Work in process
Finished goods
$ 56,000
Ending
$ 31,000
?
$ 31,000
$ 35,000
?
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 $669,000; and the net operating income was $35,000. 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.)
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.
Superior Company
Direct materials:
Total raw materials available
Direct materials used in production
Schedule of Cost Goods Manufactured
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
0
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