Question

PLEASE SHOW how you got your numbers (calculations) thank you :) Superior Company provided the following...

PLEASE SHOW how you got your numbers (calculations) thank you :)

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses $ 219,000
Purchases of raw materials $ 262,000
Direct labor ?
Administrative expenses $ 155,000
Manufacturing overhead applied to work in process $ 373,000
Actual manufacturing overhead cost $ 358,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of Year End of Year
Raw materials $ 54,000 $ 37,000
Work in process ? $ 31,000
Finished goods $ 34,000 ?

The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $663,000; 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.)

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Answer #1

Income statement

Sales 1058000
Cost of goods sold (663000-15000) 648000
Gross profit 410000
Selling and administrative expense
Selling expense 219000
Administrative expense 155000
Total Selling and administrative expense 374000
Net operating income 36000

Schedule of cost of goods sold

Beginning finished goods 34000
Cost of goods manufactured 711000
Cost of goods available for sale 745000
Ending finished goods -82000
Unadjusted cost of goods sold 663000
Less: Over applied overhead -15000
Adjusted cost of goods sold 648000

Schedule of cost of goods manufactured

Direct material used
Beginning material 54000
Raw material purchase 262000
Raw material available for use 316000
Ending material -37000
Direct material used 279000
Direct labor 38000
Overhead applied 373000
Total manufacturing cost 690000
Beginning work in process 52000
Total cost of work in process 742000
Ending work in process 31000
Cost of goods manufactured 711000
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