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Book/movie review
22/08/2022
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……………………………..$140,000
Purchases of raw materials…………………$290,000
Direct Labor…………………………………….?
Administrative expenses……………………….$100,000
Manufacturing overhead applied to work in process…………..$285,000
Total actual manufacturing overhead costs………………………$270,000
Inventory balances at the beginning and end of the year:
Beginning End
Raw materials $40,000 $10,000
Work in process ? $35,000
Finished goods $50,000 ?
The total manufacturing costs for the year were $683,000: the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $660,000: and the net operating income was $30,000. The company’s over applied or under applied overhead is closed entirely 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.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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