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The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. 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.)

The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. 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
Problem 1Q
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The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. 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 materlals are used in production as direct materlals): Selling expenses $ 212,000 267,e0e Purchases of raw materials Direct labor Administrative expenses 158, e0e Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 362, 000 351, 000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials Work in process Finished goods $ 57,000 38, eee 24 33,000 $ 35,000 The total manufacturing costs for the year were $680,000; the cost of goods avallable for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating Income was $30,000. 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 COGM Schedule COGS Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Income Statement COGS Schedule >
Transcribed Image Text:Superior Company provided the following data for the year ended December 31 (all raw materlals are used in production as direct materlals): Selling expenses $ 212,000 267,e0e Purchases of raw materials Direct labor Administrative expenses 158, e0e Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 362, 000 351, 000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials Work in process Finished goods $ 57,000 38, eee 24 33,000 $ 35,000 The total manufacturing costs for the year were $680,000; the cost of goods avallable for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating Income was $30,000. 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 COGM Schedule COGS Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Income Statement COGS Schedule >
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): 212, еее 267, e0e Selling expenses 24 Purchases of raw materials Direct labor Administrative expenses 158,eee 362,000 351, e00 24 Manufacturing overhead applied to work in process Actual manufacturing overhead cost 24 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year $ 57,000 $ 38,000 $ 33,000 Raw materials Work in process Finished goods $ 35,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating Income was $30,000. 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. COGS Schedule Income COGM Statement Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold < Income Statement COGM Schedule >
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): 212, еее 267, e0e Selling expenses 24 Purchases of raw materials Direct labor Administrative expenses 158,eee 362,000 351, e00 24 Manufacturing overhead applied to work in process Actual manufacturing overhead cost 24 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year $ 57,000 $ 38,000 $ 33,000 Raw materials Work in process Finished goods $ 35,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating Income was $30,000. 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. COGS Schedule Income COGM Statement Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold < Income Statement COGM Schedule >
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