Question

Please help me out ASAP! pictures of question attached below. Needs an:

-Income statement

-COGS Schedule

-COGM Schedule

thank you so much!!

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Book ? Selling expenses $219,000 Purchases of raw materials $261,000 Direct labor Administrative expenses $156,000 Manufacturing overhead applied to $371,000 work in process Actual manufacturing overhead cost $353,000 Inventory balances at the beginning and end of the year were as follows: < Prey 2 of 4 !!! Next >

Answer 1

Working Lets first prepare Income statement. Fill in the information given in the question. Superior Company Income Statement $ $ 1,059,000 651000+408000 651,000 408,000 $ Sales Revenue Cost of Goods Sold Gross Profit Selling & administrative Expenses:- Selling expense Administrative expense Net Operating Income $ $ 219,000 156,000 $ 375,000 219000 + 156000 33,000 given $ Start from net operating income and than move upwards overapplied overhead = Mfg Oh Applied - Mfg Oh Actual = 371000 - 353000 = 18000 Overapplied overhead as applied ovewrhead is more than actual overhead. Cost of goods sold = Unadjusted cost of goods sold - overapplied overhead =669000 - 18000 = 651000 Cost of Goods sold Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of goods available for sale Ending Inventory of Finished Goods Unadjusted Cost Of Goods Sold Less Overapplied Overhead Adjusted Cost of Goods Sold $ $ $ $ $ $ $ 38,000 given 707,000 (745000 - 38000) 745,000 given 76,000 745000 - 669000 669,000 given 18,000 371000-353000 651,000 669000 - 18000 Schedule of Cost of Goods Manufactured given given Add $ $ $ 56,000 261,000 317,000 37,000 Less Direct Material used :- Beginning Raw Material Inventory Purchases of Raw Material Raw material Available for use Ending Raw Material Inventory Direct Material used Direct Labor Manufacturing Overhead Applied Total Manufacturing cost Beginning Work in Process Inventory Total manufacturing cost to account for Ending Work in Process Inventory Cost of Goods Manufactured total mfg cost-DM- Mfg applied $ $ $ $ $ $ $ $ given 280,000 34,000 685000 - 280000 - 371000 371,000 given 685,000 given 50,000 707000+28000-685000 735,000 28,000 given 707,000 as calculated in COGS Schedule Add COGM + Ending WIP - total Mfg Cost Less Start from COGM and move upwards