Superior Company provided the following account balances for theyear ended December 31 (all raw materials are used in production asdirect materials): Selling expenses $ 215,000 Purchases of rawmaterials $ 261,000 Direct labor ? Administrative expenses $160,000 Manufacturing overhead applied to work in process $ 336,000Total actual manufacturing overhead costs $ 355,000 Inventorybalances at the beginning and end of the year were as follows:Beginning of Year End of Year Raw materials $ 56,000 $ 36,000 Workin process ? $ 33,000 Finished goods $ 32,000 ? The totalmanufacturing costs for the year were $675,000; the cost of goodsavailable for sale totaled $740,000; the unadjusted cost of goodssold totaled $666,000; and the net operating income was $40,000.The companyâs overapplied or underapplied overhead is closedentirely to Cost of Goods Sold. Required: a. Prepare a schedule ofcost of goods manufactured. b. Prepare a schedule of cost of goodssold. c. Prepare an income statement for the year.
Superior Company provided the following account balances for theyear ended December 31 (all raw materials are used in production asdirect materials): Selling expenses $ 215,000 Purchases of rawmaterials $ 261,000 Direct labor ? Administrative expenses $160,000 Manufacturing overhead applied to work in process $ 336,000Total actual manufacturing overhead costs $ 355,000 Inventorybalances at the beginning and end of the year were as follows:Beginning of Year End of Year Raw materials $ 56,000 $ 36,000 Workin process ? $ 33,000 Finished goods $ 32,000 ? The totalmanufacturing costs for the year were $675,000; the cost of goodsavailable for sale totaled $740,000; the unadjusted cost of goodssold totaled $666,000; and the net operating income was $40,000.The companyâs overapplied or underapplied overhead is closedentirely to Cost of Goods Sold. Required: a. Prepare a schedule ofcost of goods manufactured. b. Prepare a schedule of cost of goodssold. c. Prepare an income statement for the year.
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Superior Company provided the following account balances for theyear ended December 31 (all raw materials are used in production asdirect materials): |
| Sellingexpenses | $ | 219,000 | |
| Purchases of rawmaterials | $ | 262,000 | |
| Direct labor | ? | ||
| Administrativeexpenses | $ | 152,000 | |
| Manufacturingoverhead applied to work in process | $ | 337,000 | |
| Total actualmanufacturing overhead costs | $ | 350,000 | |
| Inventory balances at thebeginning and end of the year were as follows: |
| Beginning of Year | End of Year | |||||
| Raw materials | $ | 59,000 | $ | 31,000 | ||
| Work in process | ? | $ | 23,000 | |||
| Finished goods | $ | 34,000 | ? | |||
The total manufacturing costs for the year were $670,000; thecost of goods available for sale totaled $740,000; the unadjustedcost of goods sold totaled $664,000; and the net operating incomewas $33,000. The companyâs overapplied or underapplied overhead isclosed entirely to Cost of Goods Sold. |
| Required: |
| a. | Prepare a schedule of cost of goods manufactured.
|
Superior Company provided the following account balances for theyear ended December 31 (all raw materials are used in production asdirect materials): |
| Sellingexpenses | $ | 212,000 |
| Purchases of rawmaterials | $ | 269,000 |
| Direct labor | ? | |
| Administrativeexpenses | $ | 158,000 |
| Manufacturingoverhead applied to work in process | $ | 335,000 |
| Total actualmanufacturing overhead costs | $ | 358,000 |
| Inventory balances at thebeginning and end of the year were as follows: |
| Beginning of Year | End of Year | |||||
| Raw materials | $ | 51,000 | $ | 35,000 | ||
| Work in process | ? | $ | 28,000 | |||
| Finished goods | $ | 34,000 | ? | |||
The total manufacturing costs for the year were $685,000; thecost of goods available for sale totaled $735,000; the unadjustedcost of goods sold totaled $669,000; and the net operating incomewas $39,000. The companyâs overapplied or underapplied overhead isclosed entirely to Cost of Goods Sold. |
| Required: |
| a. | Prepare a schedule of cost ofgoods manufactured. |
| b. | Prepare a schedule of cost of goods sold. |
| c. | Prepare an income statement for the year. |
