Question

Chapter 3 Homework #2 (LO 3) Help Save & Ex Che 2 Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3] 4.66 points Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) 02:29 41 Sellins expenses Purcháses of raw naterials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 219,000 5 262,0ee eBook Print References 153,e0 S 376,e80 $357,609 Inventory balances at the beginning and end of the year were as follows Beginning of s se,e00 34,800 5 36,00e Year Raw materials Work in process Finished goods $ 32,000 The total manufacturing costs for the year were $675,000, the cost of goods available for sale totaled $725,000, the unadjusted cost of goods sold totaled $667000, and the net operating income was $34,000. The company's underapplied or overapplied overhead is K Prev2 of 3 Next

Answer 1

Cost of goods manufactured Direct materials Beginning raw material invento Purchases of raw materials Total raw materials available Ending raw material invento Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Beginning wotk in process invento $50,000.00 $262,000.00 $312,000.00 S34,000.00 $ 278,000.00 $ 21,000.00 675000-278000-376000 $ 376,000.00 $ 675,000.00 $ 46,000.00 725000-36000+32000-675000 $ 721,000.00 $ 32,000.00 $ 689,000.00 Ending work in process invento Cost of goods manufactured Cost of goods sold Beginning finished goods invento Cost of goods manufactured Cost of goods available Ending finished goods invento Unadjusted cost of goods sold Ov 36,000.00 $689,000.00 $725,000.00 $ 58,000.00725000-667000 $667,000.00 $ 19,000.00376000-357000 $648,000.00 for sale erapplied overhead Adjusted cost of goods sold Income statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Net operating income $1,055,000.00 $ 648,000.00 $ 407,000.00 $219,000.00 $153,000.00372,000.00 35,000.00