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 | $ | 210,000 |
| Purchases of raw materials | $ | 262,000 |
| Direct labor | ? | |
| Administrative expenses | $ | 155,000 |
| Manufacturing overhead applied to work in process | $ | 369,000 |
| Actual manufacturing overhead cost | $ | 354,000 |
Inventory balances at the beginning and end of the year were as follows:
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| Beginning | Ending | |||||
| Raw materials | $ | 54,000 | $ | 33,000 | ||
| Work in process | ? | $ | 26,000 | |||
| Finished goods | $ | 36,000 | ? | |||
The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $37,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)https://ezto.mheducation.com/ext/common/accountingtool/1.0/atinit.html?Q_13252715913881806_ans1
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