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 of Year $ 57,000 End of Year $ 39,000 ? $ 29,000 $ 35,000 $ 217,000 $ 267,000 ? $ 151,000 $ 371,000 $ 354,000 The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $31,000. 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 of Year $ 57,000 End of Year $ 39,000 ? $ 29,000 $ 35,000 $ 217,000 $ 267,000 ? $ 151,000 $ 371,000 $ 354,000 The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $31,000. 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
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![Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
[LO3-3]
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
Raw materials
Work in process
Finished goods
$ 217,000
$ 267,000
?
Inventory balances at the beginning and end of the year were as follows:
Beginning
of Year End of Year
$ 57,000
$ 39,000
? $ 29,000
$ 35,000
?
$ 151,000
371,000
$
$ 354,000
The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $735,000; the unadjusted cost
of goods sold totaled $663,000; and the net operating income was $31,000. 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee124333-d847-425e-be04-fc96a865d87e%2Fdde543b8-7794-442a-9e36-fc822e3ae0b1%2Fioinzy_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
[LO3-3]
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
Raw materials
Work in process
Finished goods
$ 217,000
$ 267,000
?
Inventory balances at the beginning and end of the year were as follows:
Beginning
of Year End of Year
$ 57,000
$ 39,000
? $ 29,000
$ 35,000
?
$ 151,000
371,000
$
$ 354,000
The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $735,000; the unadjusted cost
of goods sold totaled $663,000; and the net operating income was $31,000. 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.
Transcribed Image Text:Income
Statement
COGS
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Income
Statement
Selling and administrative expenses:
COGS
Schedule
Adjusted cost of goods sold
Direct materials:
COGM
Schedule
Prepare a schedule of cost of goods sold.
Superior Company
Schedule of Cost of Goods Sold
Total raw materials available
Income
Statement
COGS
Schedule
Prepare a schedule of cost of goods manufactured.
Total manufacturing costs
< Income Statement
COGM
Schedule
Cost of goods manufactured
Raw materials used in production
< Income Statement
Superior Company
Schedule of Cost Goods Manufactured
COGM
Schedule
COGS Schedule >
COGM Schedule >
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