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 ? $ 31,000 Income COGS Statement Schedule The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $35,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. 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.) COGM Schedule Ending $ 35,000 $ 33,000 ? Prepare an income statement for the year. Superior Company Income Statement $ 211,000 $265,000 ? Selling and administrative expenses: $ 159,000 $364,000 $ 351,000
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 ? $ 31,000 Income COGS Statement Schedule The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $35,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. 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.) COGM Schedule Ending $ 35,000 $ 33,000 ? Prepare an income statement for the year. Superior Company Income Statement $ 211,000 $265,000 ? Selling and administrative expenses: $ 159,000 $364,000 $ 351,000
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:
Raw materials
Work in process
Finished goods
Beginning
$ 57,000
$ 31,000
The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,000;
the unadjusted cost of goods sold totaled $666,000; and the net operating income was $35,000. The company's underapplied or
overapplied overhead is closed to Cost of Goods Sold.
Complete this question by ering your
Income
Statement
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Ending
$ 35,000
$ 33,000
?
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.)
COGS
Schedule
Selling and administrative expenses:
$ 211,000
$ 265,000
in the tabs below.
$ 159,000
$364,000
$ 351,000
< Income Statement
COGS Schedule >
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Step 1: Adjusted Cost of goods sold, Gross Profit and Sales Revenue
VIEWStep 2: Cost of goods Manufactured ,Ending Finished Goods inventory
VIEWStep 3: Total Manufacturing Costs to account for, Beginning Work in process inventory, Direct Labor
VIEWStep 4: Schedule of Cost of Goods Manufactured
VIEWStep 5: Schedule of Cost of Goods Sold
VIEWStep 6: Income Statement
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