Problem #1

MANAGERIAL ACCOUNTING

Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 20CY.

Raw Materials, 1/1/CY $30,000 Insurance, Factory 14,000

Raw Materials, 12/31/CY 20,000 Property Taxes 6,000

Raw Materials Purchased 205,000 Sales 1,500,000

Indirect Materials 15,000 Delivery Expense 100,000

Work in Process, 1/1/CY 80,000 Sales Commission 150,000

Work in Process, 12/31/CY 50,000 Indirect Labor 90,000

Finished Goods, 1/1/CY 110,000 Factory Machine Rent 40,000

Finished Goods, 12/31/CY 120,000 Factory Utilities 65,000

Direct Labor 350,000 Depreciation Bldg. 24,000

Factory Managers Salary 35,000 Administrative Exp. 300,000

Instructions:

Prepare a Cost of Goods Manufactured Schedule for Superior Manufacturing Company.