Solution:
Superior Company | |
Income Statement | |
Sales ($402000+649000) | $10,51,000 |
Less: Cost of goods sold [$666000- ($370000-$353000)] | $6,49,000 |
Gross Profit ($37000+$210000+$155000) | $4,02,000 |
Less: Expenses: | |
Selling Expenses | $2,10,000 |
Administrative expense | $1,55,000 |
Net operating income | $37,000 |
Superior Company | |
Schedule of cost of goods sold | |
Cost of goods manufactured (750000-34000) | $7,16,000 |
Add: Finished Goods, Beginning | $34,000 |
Total goods available for sale | $7,50,000 |
Less: Finished Goods, Ending ($750000-$666000) | $84,000 |
Unadjusted Cost of goods Sold | $6,66,000 |
Less: Overapplied Overhead ($370000-$353000) | $17,000 |
Cost of goods Sold | $6,49,000 |
Superior Company | ||
Schedule of cost of goods manufactured | ||
Direct Material: | ||
Raw Material, Beginning | $57,000 | |
Add: Purchase of Raw Material | $2,67,000 | |
Total Raw material available | $3,24,000 | |
Less: Raw Material, Ending | $34,000 | |
Raw material used in production | $2,90,000 | |
Direct Labor cost ($680000-290000-370000) | $20,000 | |
Applied Manufacturing Overhead | $3,70,000 | |
Total Manufacturing Costs | $6,80,000 | |
Add: Work in Process, Beginning ($746000-$680000) | $66,000 | |
Subtotal ($716000+$30000) | $7,46,000 | |
Less: Work in Process, Ending | $30,000 | |
Cost of goods manufactured ($750000-$34000) | $7,16,000 |
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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 $ 267,000 Direct labor ? Administrative expenses $ 156,000 Manufacturing overhead applied to work in process $ 365,000 Actual manufacturing overhead cost $ 353,000 Inventory balances at the beginning and end of the year...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 212,000 $ 265,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 155,000 $ 370,000 $ 351,000 Inventory balances at the beginning and end of the year were...
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] 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 $ 211,000 $ 268,000 ? $ 151,000 $ 371,000 $ 357,000 Inventory balances at the beginning and end of the...
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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 $ 262,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 374,000 Actual manufacturing overhead cost $ 360,000 Inventory balances at the beginning and end of the...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 373,000 Actual manufacturing overhead cost $ 353,000 Inventory balances at the beginning and end of the year...
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] 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 $ 213,000 $ 270,000 ? $ 160,000 $ 369,000 $ 354,000 nventory balances at the beginning and end of the...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3) 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 $ 213,000 $ 267,000 ? $ 154,000 $367,000 $ 356,000 Inventory balances at the beginning and end of the year were...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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 $ 210,000 $ 265,000 ? $ 159,000 $ 372,000 $ 353,000 Inventory balances at the beginning and end of the year...
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 216,000 $ 262,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 156,000 $ 369,000 $ 359,000 Inventory balances at the beginning and end of the year...
PROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3–3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....