The following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporation for the just completed year.  Sales: $880 Raw materials inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses: $100 selling expenses: $130 Work in process inventory, beginning: $80 Work in process inventory ending: $30  Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of the raw materials used in production during the year (in thousands of dollars) was: $180 $140 $150 $170 Show work/calculation of the problem

Superior Company provided the following data for the year ended December 31 (all raw materials areused in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? question mark Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 53,000 $ 31,000 Work in process ? question mark $ 24, 000 Finished goods $ 32,000 ? question mark The total manufacturing costs added to production for the year were $675, 000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667, 000, and the net operating income was $38,000. 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…

the following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporatino for the just completed year. Sales $880 Raw materials in inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses $100 Selling expenses: $130  Work in process inventory, beginning: $80 Work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods manufactured (finished) for the year (in thousands of dollars) was:  $610 $600 $500 $630 Show work/calculation

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):   Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000   Inventory balances at the beginning and end of the year were as follows:     Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ?   The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. 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:…