check the information before solving the problem because I just received an answer back which it had been took it from a similar problem but with different data. Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; IncomeStatement [L03-3]Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as directmaterials):Selling expensesPurchases of raw materials$ 217,000$ 268,000Direct laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead cost$ 159,000$ 371,000$ 359,000Inventory balances at the beginning and end of the year were as follows:Beginning$ 54,000Ending$ 35,000$ 23,000Raw materialsWork in processFinished goods$ 39,000?The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003;the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied oroverapplied overhead is closed to Cost of Goods Sold.Required:Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the incomestatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) IncomeCOGSCOGMStatementScheduleSchedulePrepare a schedule of cost of goods manufactured.Superior CompanySchedule of Cost Goods ManufacturedBeginning work in process inventoryDirect materials:54,000268,000Beginning raw materials inventory$Add: Purchases of raw materialsTotal raw materials available322,000Less: Ending raw materials inventory(35,000)Direct materials used in production$287,000Direct labor27,000Manufacturing overhead applied to work in processTotal manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufactured371,000(23,000)< COGS ScheduleCOGM Schedule

The cost of goods manufactured equation is calculated by adding the total manufacturing costs;…

Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost o Statement [LO3-3] superior Company provided the following data for the year ended December 31 (all raw materia naterials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor

Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost o Statement [LO3-3] superior Company provided the following data for the year ended December 31 (all raw materia naterials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 20E

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