Question

Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. _ $ Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 52,000 265,000 317,000 35,000 $ 282,000 33,000 375,000 690,000 49,000 739,000 32,000 $ 690,000 Less: Ending work in process inventory Cost of goods manufactured

Answer 1

Cost of goods available for sale =cost of goods manufactured +Beginning finished goods inventory

   730000 = cost of goods manufactured + 37000

   cost of goods manufactured = 730000-37000

                              = $ 693000

Total work in progress= Ending work in progress + cost of goods manufactured

                  = 32000+693000

                  = 725000

Beginning work in process = Total work in process- Total manufacturing cost

                                  = 725000 - 690000

                                  = 35000