[Question & Answer] Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in p…..

Superior Company provided the following account balances 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 Total actual manufacturing overhead costs $215,000 $262,000 $156,000 $331,000 $353,000 Inventory balances at the beginning and end of the year were as follow:s Beginning of Year End of Year Raw materials Work in process Finished goods $58,000 33,000 ? $24,000 35,000 The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $39,000 The companys overapplied or underapplied overhead is closed entirely to Cost of Goods Sold (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required a. Prepare a schedule of cost of goods manufactured

superior company provided the following account balances for the year ended december 31

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[Question & Answer] Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in p…..
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Superior Company provided the following account balances 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 Total actual manufacturing overhead costs $215,000 $262,000 $156,000 $331,000 $353,000 Inventory balances at the beginning and end of the year were as follow:s Beginning of Year End of Year Raw materials Work in process Finished goods $58,000 33,000 ? $24,000 35,000 The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $39,000 The company’s overapplied or underapplied overhead is closed entirely to Cost of Goods Sold (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required a. Prepare a schedule of cost of goods manufactured

Expert Answer

a
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning 58000
Add: Purchases of raw materials 262000
Total raw materials available 320000
Deduct: Raw materials inventory, ending 33000
Raw materials used in production 287000
Direct labor 67000
Manufacturing overhead applied to work in process inventory 331000
Total manufacturing costs 685000
Add: Beginning work in process inventory 54000
739000
Deduct: Ending work in process inventory 24000
Cost of goods manufactured 715000
b
Schedule of Cost of Goods Sold
Finished goods inventory, beginning 35000
Add: Cost of goods manufactured 715000
Cost of goods available for sale 750000
Deduct: Finished goods inventory, ending 89000
Unadjusted cost of goods sold 661000
Add: Underapplied overhead 22000
Adjusted cost of goods sold 683000
c
Income Statement
Sales 1093000
Cost of goods sold 683000
Gross margin 410000
Selling and administrative expenses:
Selling expenses 215000
Administrative expense 156000 371000
Net operating income 39000

superior company provided the following account balances for the year ended december 31

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