Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 216,000 Purchases of raw materials $ 263,000 Direct labor ? Administrative expenses $ 150,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 358,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 54,000 $ 33,000 Work in process ? $ 33,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $35,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare a schedule of cost of goods manufactured.
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 216,000 Purchases of raw materials $ 263,000 Direct labor ? Administrative expenses $ 150,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 358,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 54,000 $ 33,000 Work in process ? $ 33,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $35,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare a schedule of cost of goods manufactured.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 10E: Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board...
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
Selling expenses | $ | 216,000 |
Purchases of raw materials | $ | 263,000 |
Direct labor | ? | |
Administrative expenses | $ | 150,000 |
Manufacturing overhead applied to work in process | $ | 370,000 |
Actual manufacturing overhead cost | $ | 358,000 |
Inventory balances at the beginning and end of the year were as follows:
Beginning | Ending | |||||
Raw materials | $ | 54,000 | $ | 33,000 | ||
Work in process | ? | $ | 33,000 | |||
Finished goods | $ | 32,000 | ? | |||
The total
Prepare a schedule of cost of goods manufactured.
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