Please do not give solution in image format thanku 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 cost$ 217,000$ 270,000?question mark$ 159,000$367,000$ 354,000Beginning and ending inventory balances were as follows:BeginningEndingRaw materials $ 53,000$ 35,000Work in process ?question mark $ 25,000Finished goods $ 36,000?question markThe total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $725,000;the unadjusted cost of goods sold totaled $664,000; and the net operating income was $37,000. The company's underapplied oroverapplied 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 incomestatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

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

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 $ 217,000 $ 270,000 ?question mark $ 159,000 $ 367,000 $ 354,000 Beginning and ending inventory balances were as follows: Beginning Ending ?question mark Raw materials $ 53,000 $ 35,000 Work in process ?question mark $25,000 Finished goods $ 36,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $725,000 the unadjusted cost of goods sold totaled $664,000; and the net operating income was $37,000. 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 $ 217,000 $ 270,000 ?question mark $ 159,000 $ 367,000 $ 354,000 Beginning and ending inventory balances were as follows: Beginning Ending ?question mark Raw materials $ 53,000 $ 35,000 Work in process ?question mark $25,000 Finished goods $ 36,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $725,000 the unadjusted cost of goods sold totaled $664,000; and the net operating income was $37,000. 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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