Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost eginning and ending inventory balances were as follows: Beginning Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? he total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; e unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. The company's underapplied or verapplied overhead is closed to Cost of Goods Sold. equired: repare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income atement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost eginning and ending inventory balances were as follows: Beginning Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? he total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; e unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. The company's underapplied or verapplied overhead is closed to Cost of Goods Sold. equired: repare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income atement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 3E: The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the...
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![materials):
Selling expenses
Purchases of raw materials
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
Beginning and ending inventory balances were as follows:
Beginning
Ending
$ 214,000
$ 270,000
?
$ 157,000
$ 370,000
$ 351,000
Raw materials
Work in process
Finished goods
$ 56,000
$ 39,000
?
$ 29,000
$ 37,000
?
The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000;
the unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. 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.)
Complete this question by entering your answers in the tabs below.
Income
Statement
COGS
Schedule
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Selling and administrative expenses:
< Income Statement
0
0
COGS Schedule >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7e32729-94d8-46a0-927e-66c0c1310ed7%2Fb9020487-a810-403f-9459-16adcc6a93cd%2Fyh5snz8_processed.png&w=3840&q=75)
Transcribed Image Text:materials):
Selling expenses
Purchases of raw materials
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
Beginning and ending inventory balances were as follows:
Beginning
Ending
$ 214,000
$ 270,000
?
$ 157,000
$ 370,000
$ 351,000
Raw materials
Work in process
Finished goods
$ 56,000
$ 39,000
?
$ 29,000
$ 37,000
?
The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000;
the unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. 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.)
Complete this question by entering your answers in the tabs below.
Income
Statement
COGS
Schedule
COGM
Schedule
Prepare an income statement for the year.
Superior Company
Income Statement
Selling and administrative expenses:
< Income Statement
0
0
COGS Schedule >
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