a https/newconnect mheducaon.comnowconrecthun work #2 (LO 3) Problem 3-13 Schedu

Question

a https/newconnect mheducaon.comnowconrecthun work #2 (LO 3) Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Stotement LO3-3 Superior Company provided the following data for the year ended December 31 fal raw materials are used in production as direct materials) $ 216,800 $264,890 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $152,800 $ 378,898 355,80 Inventory balances at the beginning and end of the year were as follows: Beginning of End of Year 53,800 36,800 ?$ 27,889 Year Raw materials Work in process Finished goods 34,880 The total manufacturing costs for the year were $680.000: the cost of goods available for sale totaled $720.000; the unadjusted cost of goods sold totaled $663.000; and the net opersting income was $40.000. 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.) Complete this question by entering your answers in the tabs below here to search

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct Materials Beginning Of Raw material 53000 Add Purchase of Raw material 264000 Total raw Material Avialable 317000 Deduct :Ending Raw material Inventory 36000 Raw Material used in Production 281000 Direct Labor 29000 Manifacturing Overhead applied to work in process 370000 Total Manufacturing Cost 680000 Add Beginning Work in Porcess Inventory 33000 713000 Deduct Ending work in process Inventory 27000 Cost of Goods Manufactured 686000 Schedule of Cost of Goods Sold Cost of Goods Manufactured 686000 Add Beginning Finished goods 34000 Cost of goods available for sale 720000 Deduct Ending Finshed goods Inventory 57000 Cost of Goods sold Unadjsuted 663000 Deduct Over applied Overhead (370000-355000) 15000 Adjusted cost of goods sold 648000 Income Statement Sales 1056000 Cost of Goods Sold 648000 Gross Margin 408000 Selling and adminstrative Expense Selling Expense 216000 Adminstrative Expense 152000 368000 Net Operating Income 40000

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