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:
Raw materials
Beginning
$ 59,000
Work in process
?
Finished goods
$ 37,000
Ending
$ 33,000
$ 29,000
?
$ 214,000
$ 264,000
?
$ 157,000
$ 367,000
$ 354,000
The total manufacturing costs added to production for the year were $690,000; the cost of goods available
the unadjusted cost of goods sold totaled $665,000; and the net operating income was $36,000. The comp
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: Pr
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 Stateinent
0
0
COGS Schedule >
