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 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 34,000 Ending $ 37,000 $ 29,000 ? $ 216,000 $ 260,000 ? $ 152,000 $ 372,000 $ 355,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $31,000. 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 totomont 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 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 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 34,000 Ending $ 37,000 $ 29,000 ? $ 216,000 $ 260,000 ? $ 152,000 $ 372,000 $ 355,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $31,000. 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 totomont and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Cornerstones of Cost Management (Cornerstones Series)
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Chapter2: Basic Cost Management Concepts
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Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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answer in text form please (without image),
![S
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
Inventory balances at the beginning and end of the year were as follows:
Raw materials
Work in process
Finished goods
Beginning
$ 58,000
?
$ 34,000
Ending
$ 37,000
$ 29,000
?
$ 216,000
$ 260,000
?
$ 152,000
$ 372,000
$ 355,000
The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000;
the unadjusted cost of goods sold totaled $665,000; and the net operating income was $31,000. 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1359700f-aad6-427e-990f-34a37654e295%2F3c9ebd13-1197-4ba1-8683-e0dd5f76a911%2Fk1gqpd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:S
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
Inventory balances at the beginning and end of the year were as follows:
Raw materials
Work in process
Finished goods
Beginning
$ 58,000
?
$ 34,000
Ending
$ 37,000
$ 29,000
?
$ 216,000
$ 260,000
?
$ 152,000
$ 372,000
$ 355,000
The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000;
the unadjusted cost of goods sold totaled $665,000; and the net operating income was $31,000. 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.)
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