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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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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.
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 >
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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