Superior Compary provided the following data for the year ended December 31 (ll

Question

Superior Compary provided the following data for the year ended December 31 (ll raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Adninistrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 5 212,888 267,000 5 153,000 5 377,000 $ 360,000 Inventory balances at the beginning and end of the year were as follows Year End of $5,0001,000 Raw materlals Work in process Finished goods 33,000 31,000 The total manufacturing costs for the year were $680,000, the cost of goods available for sale totaled $735,000, the unadjusted cost of goods sold totaled $664,000, and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold Required statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufectured) Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement (int Prepare the income 3 Answer is not complete

Explanation / Answer

Direct materials:

Please note to understand the calculation, please start from Cost of Goods Sold to Cost goods Manufactured. In the same sequence given in the solution.

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Schedule of Cost of Goods Sold Finished goods inventory, beginning $        31,000 Add: Cost of goods manufactured(735000-31000)          704,000 Cost of goods available for sale          735,000 Deduct: Finished goods inventory, ending(735000-664000)            71,000 Unadjusted cost of goods sold          664,000 Add: Underapplied overhead(377000-360000)            17,000 Adjusted cost of goods sold          681,000

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