W Duration Definition & Exam M Chapter 2 Hw a F red Inco me Securities ppi | (1)
ID: 2416498 • Letter: W
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W Duration Definition & Exam M Chapter 2 Hw a F red Inco me Securities ppi | (1) Are High-Yeld Bonds Toc Oetomheducation.com/hn tp 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 $210,000 265,000 Purchases of raw materials Direct labor 151,000 Administrative expenses Manufacturing overhead applied to work in process Total actual manufacturing overhead costs $337.000 354,000 Inventory balances at the beginning and end of the year were as Beginning of Year End of Year 56,000 $36,000 Raw materials Work in process Finished goods ? $27000 40,000 The total manufacturing costs for the year were S670,000, the cost of goods available for sale totaled he net operating income was $31,000 745.000, the unadjusted cost of goods sold totaled $666 000 and t The company's overapplied or underappled overhead is closed entirely to Cost of Goods Sold Required a. Prepare a schedule of cost of goods manufactured Direct materialsExplanation / Answer
Schedule of goods manufactured
opening direct materilas 56,000
add:Purchases 265,000
cost of materials available 321,000
less:closing 36,000
cost of raw materials used $285,000
Direct labor 48,000
Manufacturing overhead 337,000
total manufactruing cost 670,000
Add:Opening WIP 62,000
732,000
less :Closing WIP 27,000
total cost of goods manufactured 705,000
Cost of goods sold
Finished goods inventory , begniing $40,000
Add:Cost of goods manufactrued 705,000
Cost of goods avaialble for sale 745,000
Less:Finished goods inventory 79,000
Unadjusted cost of goods sold 666,000
Add:Underapplied overhead 17,000
Adjusted cost of goods sold 683,000
Incomes Statment
Sales $1,075,000
Cost of goods sold 683,000
Gross margin 392,000
Selling and administrative expense
Administrative exepnse 151,000
Selling expense 210,000 361,000
Net operating income 31,000
Schedule of goods manufactured
opening direct materilas 56,000
add:Purchases 265,000
cost of materials available 321,000
less:closing 36,000
cost of raw materials used $285,000
Direct labor 48,000
Manufacturing overhead 337,000
total manufactruing cost 670,000
Add:Opening WIP 62,000
732,000
less :Closing WIP 27,000
total cost of goods manufactured 705,000
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