Concept explainers
Schedules of Cost of Goods
L03-3
Superior Company provided the following data for the et2ded December 31 (all raw materials are in production as direct materials):
The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of gods sold totaled $660,000; and the net operating income was $30,000. The company's under applied or over appliedoverhead 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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Introduction To Managerial Accounting
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