Superior Company provided the following data for the year ended December 31 (all raw materials are...

Question

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 $ 220,000 $ 263,000 ? $ 158,000 $ 379,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 59,000 ? $ 31,000 End of Year $ 30,000 $ 33,000 2 The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $37,000. 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. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income st income statement and schedule of cost of goods sold first followed by the schedule of cost Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Income Statement COGS Schedule > Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement income statement and schedule of cost of goods sold first followed by the schedule of cost of good Complete this question by entering your answers in the tabs below. Income Statement COGS Schbodule COGM 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 Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured

 · Answer

Income Statement    Sales [415000+647000]    $      1,062,000    -Cost of goods sold    $          647,000    =Gross margin [37000+378000]    $          415,000    Operating expenses:        Selling expenses  $         220,000      Administrative expenses  $         158,000      -Total operating expenses    $          378,000    =Net operating income    $            37,000    Schedule of Cost of Goods Sold      Beginning finished goods inventory  $            31,000      +Cost of goods manufactured [725000-31000]  $         694,000      Cost of goods available for sale  $         725,000      -Ending finished goods inventory [725000-667000]  $            58,000      Unadjusted cost of goods sold  $         667,000      -Overapplied overhead [379000-359000]  $            20,000      Adjusted cost of goods sold [667000-20000]  $         647,000      Schedule of Cost of Goods Manufactured    Direct Materials:        Beginning raw materials inventory  $            59,000      Add: Purchases of raw materials  $         263,000      Total raw materials available  $         322,000      Less: Ending raw materials inventory  $            30,000      Raw materials used in production    $          292,000    +Direct labor [675000-379000-292000]    $               4,000    +Manufacturing overhead applied to work in process    $          379,000    Manufacturing costs added during the year    $          675,000    Add: Beginning WIP inventory [727000-675000]    $            52,000    Total manufacturing costs    $          727,000    Less: Ending work in process inventory    $            33,000    Cost of goods manufactured    $          694,000   .

Superior Company provided the following data for the year ended December 31 (all raw materials are...

Question:

Answers

Similar Solved Questions

Which of the following is not an adjustment or tax preference item for 2018 for purposes...

HW 6.4. Consider two objects with mi > m2 connected by a light string that passes...

Question 4 (16 Points) Use Neville's method to approximate V11 with the following function and values....

PH-121-3.48x 10 = 1.54 xw PH = 13.4 4.) Calculate the pH of the 6.00M sodium...

Review the tenets of the Patient Bill of Rights. Are any of these protections more important...

(c) A = -1 -1-1 1(multiplicity 3) 1 0 1 3. Use the Method of Undetermined...

A cart with mass m_1 = 5.0 kg is on an inclined plane which makes an...

Answer each question in a paraghraph form CASE STUDY 12 Pizza and Big Data California newspaper...

(1 point) The general solution to the second-order differential equation – form y(x) = 60 (C1...

A photograph is 4.5 in wide and 6 in

Consider the homogeneous linear system 1 +3y + 4z=0,21 +22=0,-y-z=0] Give the coefficient matrix for this...

A 0.25 kg length of aluminum wire is warmed 10.0 C by an electic current. how much heat was...

32.)Your client is 43 years of age. She wants to begin saving for retirement with the...

I only need the answer for part b, thanks. 3. 2 a) The figure shows three...

An opinion/editorial article states that "price of cocaine is falling; this can only mean that the...

Determine all possible values of 0, in radians, for 0 multiples of rt: 2 aner 8....

Do you think the Blockchain technology would really have an impact on the accounting profession?

Does a statistics course improve a student's mathematics skills, as measured by a national test? Suppose...

Income Statement
Sales [415000+647000]		$ 1,062,000
-Cost of goods sold		$ 647,000
=Gross margin [37000+378000]		$ 415,000
Operating expenses:
Selling expenses	$ 220,000
Administrative expenses	$ 158,000
-Total operating expenses		$ 378,000
=Net operating income		$ 37,000
Schedule of Cost of Goods Sold
Beginning finished goods inventory	$ 31,000
+Cost of goods manufactured [725000-31000]	$ 694,000
Cost of goods available for sale	$ 725,000
-Ending finished goods inventory [725000-667000]	$ 58,000
Unadjusted cost of goods sold	$ 667,000
-Overapplied overhead [379000-359000]	$ 20,000
Adjusted cost of goods sold [667000-20000]	$ 647,000
Schedule of Cost of Goods Manufactured
Direct Materials:
Beginning raw materials inventory	$ 59,000
Add: Purchases of raw materials	$ 263,000
Total raw materials available	$ 322,000
Less: Ending raw materials inventory	$ 30,000
Raw materials used in production		$ 292,000
+Direct labor [675000-379000-292000]		$ 4,000
+Manufacturing overhead applied to work in process		$ 379,000
Manufacturing costs added during the year		$ 675,000
Add: Beginning WIP inventory [727000-675000]		$ 52,000
Total manufacturing costs		$ 727,000
Less: Ending work in process inventory		$ 33,000
Cost of goods manufactured		$ 694,000