SUPERIOR COMPANY Schedule of Cost of Goods Manufactured |
||
Direct materials: | ||
Raw materials inventory, Beginning | $ 51,000 | |
Add: Purchases of raw materials | $ 262,000 | |
Total raw materials available | $ 313,000 | |
Less : Raw materials inventory, Ending | ($ 33,000) | |
Raw materials used in production | $ 280,000 | |
Direct labor ( $ 685,000 (-) $ 280,000 (-) $ 337,000 ) |
$ 68,000 | |
Manufacturing overhead applied to work in process inventory | $ 337,000 | |
Total Manufacturing costs | $ 685,000 | |
Add: Beginning work in process inventory | $ 31,000 ( $ 716,000 (-) $ 685,000 ) |
|
$ 716,000 | ||
Less : Ending work in process inventory | ($ 29,000) | |
Cost of Goods manufactured | $ 687,000 |
SUPERIOR COMPANY Schedule of Cost of Goods Sold |
|
Finished goods inventory, Beginning | $ 38,000 |
Add: Cost of goods manufactured ( $ 725,000 (-) $ 38,000) |
$ 687,000 |
Cost of goods available for sale | $ 725,000 |
Less : Finished goods inventory, Ending | ($ 62,000) ( $ 725,000 (-) $ 663,000 ) |
Unadjusted cost of goods sold | $ 663,000 |
Add : underapplied overhead | $ 15,000 |
Adjusted cost of goods sold | $ 678,000 |
SUPERIOR COMPANY Income Statement |
||
Sales |
$ 1,079,000 ( $ 678,000 + $ 401,000 ) |
|
Cost of goods sold | ($ 678,000) | |
Gross margin | $ 401,000 | |
Less: Selling and administrative expenses: | ||
- Selling expenses | $ 212,000 | |
- Administrative expense | $ 155,000 | ($ 367,000) |
Net operating income | $ 34,000 |
Superior Company provided the following account balances for the year ended December 31 (all 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 $ 215,000 Purchases of raw materials $ 263,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 372,000 Actual manufacturing overhead cost $ 356,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 60,000 $ 34,000 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 $ 211,000 Purchases of raw materials $ 260,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 366,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 51,000 $ 35,000 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
$
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): $ 214,000 $ 265,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 372,000 $360,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of End of Year Year $ 57,000...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 215,000 $ 268,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 160,000 $ 367,000 $ 353,000 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): $ $ 213,000 268,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 157,000 $ 363,000 $ 351,000 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 Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 140,000 $ 290,000 ? $ 100,000 $ 285,000 $ 270,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 40,000 ?...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials $ 211. $265.00 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ $ $ 157, ce 374.000 356.one Inventory balances at the beginning and end of the year were as follows: Beginning of Year $ se, e 39, eee Raw materials Work in process Finished...
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): $ 211,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses $ 157,000 $ 373,000 $ 354,000 Actual manufacturing overhead cost 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 ? $ 32,000 End of Year $ 40,000 $...