Edit: View History Bookmarks People Window Help Might Not t. ThexO A ACTG-131-Ox

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Edit: View History Bookmarks People Window Help Might Not t. ThexO A ACTG-131-Oxy xCourse Home Connect j My CX Connect re https Help Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials Purchases of raw naterials 270,000 s 155,0a0 375,000 357,000 Manufacturing overhead applied to vork in proces 1 manufaeturing overhead eost Inventory balances at the beginning and end of the year were as follows: eginning of Year End of Tear 54,000 31.000 Work in proces Pinished goods 232,000 34,000 The total manufacturing costs for the year were S6750 of goods sold totaled $662,000, and the net operating the cost of goods aval ble for sale totaled SNS income was $34,000. The company's underapplied or overapplied overhead is was closed to Cost of Goods Sold. Required statement and schedule of cost of goods sold first followed by the schedu'e of cost of goods manufactured.) chedules of cost of goods manufactured and cost of goods sold are·an incomie striemmnt-nt pheere the ncome Complete this question by entering your answers in the tabs below. Prev 1of 4 Next > 8e 8

Explanation / Answer

STATEMENT OF INCOME PARTICULARS AMOUNT IN $ Sales Revenue 1,053,000 Less: Cost of Good sold (as computed above) 644,000 Gross Margin 409,000 Less: Expenses Selling expense 220,000 Admin expense 155,000 Net Income earned during the period 34,000 SCHEDULE OF COST OFGOODS SOLD PARTICULARS AMOUNT IN $ Cost of Goods manufactured (as computed above) 711,000 Add: Beginning inventory balance of Finished Goods 34,000 Cost of Goods available for sale 745,000 Less: Ending Inventory of Finished Goods 63,000 Cost of Goods to be sold 682,000 Less: Over-applied overheads 18,000 COST OF GOODS SOLD 664,000 SCHEDULE OF COST OF GOODS MANUFACTURED PARTICULARS AMOUNT IN $ Direct material Beginning Inventory of raw material 54,000 Purchases 270,000 Total Raw material available 324,000 Less: Ending inventory of raw material 31,000 Raw material used in production 293,000 Direct Labour 7,000 Factory Overheads 375,000 Total Manufacturing cost 675,000 Add: Beginning WIP 23,500 Total 698,500 Less: Ending Balance of Work in process 34,500 COST OF GOODS MANUFACTURED 664,000

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