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 Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 57,000 ? $ 31,000 Income COGS Statement Schedule The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $35,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. 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.) COGM Schedule Ending $ 35,000 $ 33,000 ? Prepare an income statement for the year. Superior Company Income Statement $ 211,000 $265,000 ? Selling and administrative expenses: $ 159,000 $364,000 $ 351,000
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 Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 57,000 ? $ 31,000 Income COGS Statement Schedule The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $35,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. 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.) COGM Schedule Ending $ 35,000 $ 33,000 ? Prepare an income statement for the year. Superior Company Income Statement $ 211,000 $265,000 ? Selling and administrative expenses: $ 159,000 $364,000 $ 351,000
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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Step 1: Adjusted Cost of goods sold, Gross Profit and Sales Revenue
VIEWStep 2: Cost of goods Manufactured ,Ending Finished Goods inventory
VIEWStep 3: Total Manufacturing Costs to account for, Beginning Work in process inventory, Direct Labor
VIEWStep 4: Schedule of Cost of Goods Manufactured
VIEWStep 5: Schedule of Cost of Goods Sold
VIEWStep 6: Income Statement
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