You skipped this question in the previous attempt Check my work Superior Company

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You skipped this question in the previous attempt Check my work 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 20 points 217,099 266,eee 157,000 373,800 % 359,000 Print Inventory balances at the beginning and end of the year were as follows: Beginning Year End of 59,000 $ 34,000 Raw materials Work in process Finished goods ? 25,000 5 33,000 The total manufacturing costs for the year were $670.000, the cost of goods sold totaled $663,000 and the net operating income was $33.000. The of goods available for sale totaled $730.,000, the unadjusted cost closed to Cost of Goods Sold Required Prey 10f 2 Next > 912/2 D Type here to search

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning 59000 Add: Purchases of raw materials 266000 Total raw materials available 325000 Deduct: Raw materials inventory, ending 34000 Raw materials used in production 291000 Direct labor 6000 Manufacturing overhead applied to work in process inventory 373000 Total manufacturing costs 670000 Add: Beginning work in process inventory 52000 722000 Deduct: Ending work in process inventory 25000 Cost of goods manufactured 697000 Schedule of Cost of Goods Sold Finished goods inventory, beginning 33000 Add: Cost of goods manufactured 697000 Cost of goods available for sale 730000 Deduct: Finished goods inventory, ending 67000 Unadjusted cost of goods sold 663000 Less: Overapplied overhead 14000 Adjusted cost of goods sold 649000 Income Statement Sales 1056000 Cost of goods sold 649000 Gross margin . 407000 Selling and administrative expenses: Selling expenses 217000 Administrative expense 157000 374000 Net operating income 33000

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