SUPERIOR COMPANY | ||
SCHEDULE OF COST OF GOODS MANUFACTURED | ||
FOR THE YEAR ENDED DECEMBER 31 | ||
$ | $ | |
Direct materials: | ||
Beginning Raw materials inventory | 54,000.00 | |
Add: Raw materials purchases | 269,000.00 | |
Raw materials available for use | 323,000.00 | |
Less: Ending Raw materials inventory | (40,000.00) | |
Raw materials used in production | 283,000.00 | |
Direct labor (670,000-371,000-283,000) | 16,000.00 | |
Manufacturing Overhead applied to work in process | 371,000.00 | |
Total manufacturing costs (Given) | 670,000.00 | |
Add: Beginning Work in process inventory | 47,000.00 | |
Total cost of work in process | 717,000.00 | |
Less: Ending Work in process inventory | (29,000.00) | |
Cost of goods manufactured | 688,000.00 | |
SUPERIOR COMPANY | ||
Schedule of cost of goods sold | ||
FOR THE YEAR ENDED DECEMBER 31 | ||
$ | ||
Beginning Finished Goods | 37,000.00 | |
Add: Cost of goods manufactured | 688,000.00 | |
Cost of goods available for sale | 725,000.00 | |
Less: Ending Finished Goods | (65,000.00) | |
Unadjusted Cost of goods sold | 660,000.00 | |
Less: Over applied overhead ($354,000 ‒$371,000) | (17,000.00) | |
Adjusted Cost of goods sold | 643,000.00 |
SUPERIOR COMPANY | ||
Income Statement | ||
FOR THE YEAR ENDED DECEMBER 31 | ||
$ | $ | |
Sales | 1,046,000.00 | |
Less: Cost of goods sold | 643,000.00 | |
Gross margin | 403,000.00 | |
Selling and administrative expenses: | ||
Selling Expenses | 215,000.00 | |
Administrative Expense | 156,000.00 | 371,000.00 |
Net operating income (Given) | 32,000.00 | |
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): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 216,000 $ 269,000 ? $ 151,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 53,000 Raw materials Work in process Finished goods Ending $ 37,000...
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): $ 219,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 151,000 $376,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of End of Year Year $ 52,000...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 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 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) 3 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 210,000 $ 264,000 2 $ 154, $367,000 $ 356,000 2 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...
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 $ 263,000 Direct labor ? Administrative expenses $ 151,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 51,000 $ 40,000 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 $ 219,000 $ 269,000 2 $ 158,000 $ 371,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 56,000 2...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 213,000 $ 266,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 153,000 $ 371,000 $360,000 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 $ 52,000...