Superior Company | |||
Income Statement | |||
Sales | $ 11,04,000 | ||
Deduct: | Cost of Goods Sold | $ 7,09,000 | |
Gross Margin | $ 3,95,000 | ||
Deduct: | Selling and Administrative Expenses: | ||
Selling Expense | $ 2,10,000 | ||
Administrative Expense | $ 1,54,000 | $ 3,64,000 | |
Net Operating Income | $ 31,000 |
Superior Company | |||
Schedule of Cost of Goods Sold | |||
Finished Goods Inventory Beginning | $ 37,000 | ||
Cost of goods manufactured | $ 7,03,000 | ||
Cost of goods available for sale | $ 7,40,000 | ||
Deduct: | Finished Goods Inventory Ending | $ 79,000 | |
Unadjusted cost of goods sold | $ 6,61,000 | ||
Add: | Underapplied Overheads | $ 48,000 | |
Adjusted cost of goods sold | $ 7,09,000 |
Superior Company | |||
Schedule of Cost of goods Manufactured | |||
Direct Materials | |||
Raw Material Inventory beginning | $ 50,000 | ||
Add: | Purchases of raw Material | $ 2,64,000 | |
Total Raw Material available | $ 3,14,000 | ||
Deduct: | Raw Material Inventory ending | $ 39,000 | |
Raw Material used in production | $ 2,75,000 | ||
Direct Labor | $ 28,000 | ||
Manufacturing overheads applied to work in process inventory | $ 3,67,000 | ||
Total manufacturing cost | $ 6,70,000 | ||
Add: | Beginning work in process inventory | $ 57,000 | |
$ 7,27,000 | |||
Deduct: | Ending work in process inventory | $ 24,000 | |
Cost of goods manufactured | $ 7,03,000 |
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $218,800 selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead appl1 Actual manufacturing overhead cost $261,eee $151,eee n process 367,e0e $ 352,e9e Inventory balances at the beginning and end of the year were as follows: . Beginning of Year End of Year ences Raw naterials Work in process Finished goods 34,800 ?25,000 56,800 31,ee The...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ $ 217,000 262,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ $ $ 159,000 369,000 352,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $...
superior company provided the following data for the year ended
December 31 all raw materials are used in production as direct
materials selling expenses 210,000 purchase of raw materials
268,000 direct labor? Administrative expenses 156,000 manufacturing
overhead applied to work in process 363,000 actual manufacturing
overhead cost 352,000
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $ 210,000 $ 260,000 Selling expenses Purchases of raw materials...
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
211,000
Purchases of raw materials
$
264,000
Direct labor
?
Administrative expenses
$
154,000
Manufacturing overhead applied to work in process
$
369,000
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
$
36,000
Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 215,000 $ 269,000 ? $ 156,000 $ 371,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year $ 54,000 Raw materials Work in process Pinished goods End...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 219,000 $ 268,000 > $ 153,000 $366,000 $ 353,000 3:54:52 Inventory balances at the beginning and end of the year were as follows: Beginning $ 60,000 Raw materials Work in process Finished goods Ending $ 35,000...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 216,000 $ 264,000 ? $ 158,000 $ 378,000 $ 360,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 ? $ 37,000...
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
216,000
Purchases of raw materials
$
268,000
Direct labor
?
Administrative expenses
$
153,000
Manufacturing overhead applied to work in process
$
372,000
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
$
52,000
$
38,000
Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 267,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 380,000 Actual manufacturing overhead cost $ 360,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 54,000 $ 39,000 Work in process ? $...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 219,000 268,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 153,000 5 366,000 $ 353,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 60,000 ? $ 31,000 Ending $ 35,000...