Question & Answer: Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in p…..

Superior Company provided the following account balances 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 Total actual manufacturing overhead costs $215,000 $262,000 $156,000 $331,000 $353,000 Inventory balances at the beginning and end of the year were as follow:s Beginning of Year End of Year Raw materials Work in process Finished goods $58,000 33,000 ? $24,000 35,000 The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $39,000 The companys overapplied or underapplied overhead is closed entirely to Cost of Goods Sold (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required a. Prepare a schedule of cost of goods manufactured

Superior Company provided the following account balances 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 Total actual manufacturing overhead costs $215,000 $262,000 $156,000 $331,000 $353,000 Inventory balances at the beginning and end of the year were as follow:s Beginning of Year End of Year Raw materials Work in process Finished goods $58,000 33,000 ? $24,000 35,000 The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $39,000 The company’s overapplied or underapplied overhead is closed entirely to Cost of Goods Sold (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required a. Prepare a schedule of cost of goods manufactured

Expert Answer

 

Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in p…..
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
Order Essay
a
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning 58000
Add: Purchases of raw materials 262000
Total raw materials available 320000
Deduct: Raw materials inventory, ending 33000
Raw materials used in production 287000
Direct labor 67000
Manufacturing overhead applied to work in process inventory 331000
Total manufacturing costs 685000
Add: Beginning work in process inventory 54000
739000
Deduct: Ending work in process inventory 24000
Cost of goods manufactured 715000
b
Schedule of Cost of Goods Sold
Finished goods inventory, beginning 35000
Add: Cost of goods manufactured 715000
Cost of goods available for sale 750000
Deduct: Finished goods inventory, ending 89000
Unadjusted cost of goods sold 661000
Add: Underapplied overhead 22000
Adjusted cost of goods sold 683000
c
Income Statement
Sales 1093000
Cost of goods sold 683000
Gross margin 410000
Selling and administrative expenses:
Selling expenses 215000
Administrative expense 156000 371000
Net operating income 39000

Grand Paper Writers
Order NOW For A 10% Discount!
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All papers are written by the best professional writers to ensure 100% originality. We always provide plagiarism reports whenever we deliver completed papers.

Free Revisions

All papers by Grand Paper Writers are completed and submitted on time. This timely delivery of papers gives you time to go through the paper before the official deadline.

Title-page

As an additional service, we will provide a title page that precedes the contents of your paper. Here, you will provide your personal details.

Bibliography

We also ensure that we provide an extra page for the references or bibliographies following referencing rules.

Originality & Security

At Grandpaperwriters.com, we guarantee students for the provision of security and original work. All your personal information is handled with confidentiality and is not shared with third parties. Additionally, we ensure that we provide original content with accompanying plagiarism reports to show originality.

24/7 Customer Support

Our customer support team is always available 24/7 to provide instant responses to any queries raised by students.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Grandpaperwriters.com has the best professional essay writers for quality services.

Pricing

Flexible Pricing

Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.

Communication

Admission Help & Client-Writer Contact

Grandpaperwriters.com provides an interactive portal where students can communicate directly to their writers.

Deadlines

Paper Submission

Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.

Reviews

Customer Feedback

Grandpaperwriters.com appreciates feedback from our clients to help us improve the delivery of essay writing services. As such, we are constantly changing our policies to ensure maximum customer and writer satisfaction.