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View History Bookmarks People Window Help ork ttps: D The Common Application | Pro x htm my work mode : This shows what is correct or incorrect for the work you have completed so far. It doe Superior Company provided the following data for the year ended December 3t (all aw materials are used in production as direct materials 214,000 270,00o Selling Purchases of raw naterials Direct labor Adsiaistrative expenser Manafacturing overhead applied to work in process Actual masufacturing overhead coat 53,000 374,000 360,000 Inventory belances at the beginning and end of the year were as follows: Seginning of Year End of Tear 59,000 40,000 2 28,000 Work in process rinished goods 38,000 The total manufacturing costs for the year were $685,000, the cost of goods available for sale totaled $730,000: the unadjusted cost of goods sold totaled $668.000; and the net operating income was $36,000. 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.) 3 Answer is not complete. Complete this question by entering your answers in the tabs below. COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods manufactured Prey 2of4 Next >

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning 59000 Add: Purchases of raw materials 270000 Total raw materials available 329000 Deduct: Raw materials inventory, ending 40000 Raw materials used in production 289000 Direct labor 22000 Manufacturing overhead applied to work in process inventory 374000 Total manufacturing costs 685000 Add: Beginning work in process inventory 35000 720000 Deduct: Ending work in process inventory 28000 Cost of goods manufactured 692000 Schedule of Cost of Goods Sold Finished goods inventory, beginning 38000 Add: Cost of goods manufactured 692000 Cost of goods available for sale 730000 Deduct: Finished goods inventory, ending 62000 Unadjusted cost of goods sold 668000 Less: Overapplied overhead 14000 Adjusted cost of goods sold 654000 Income Statement Sales 1057000 Cost of goods sold 654000 Gross margin . 403000 Selling and administrative expenses: Selling expenses 214000 Administrative expense 153000 367000 Net operating income 36000

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