Show correct answers Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212, 000 Purchases of raw materials 264,000 Direct labor Administrative expenses $ 152, 000 Manufacturing overhead applied to work in process $ 369,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 53,000 $ 32,000 Work in process $ 24,000 Finished goods $ 36,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $31,000. 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 ScheduleShow correct answers 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 a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory $ 53,000 Add: Purchases of raw materials 264,000 Total raw materials available 317,000 Less: Ending raw materials inventory 32,000 Raw materials used in production $ 285,000 Direct labor 26,000 Manufacturing overhead applied to work in process 369,000 Total manufacturing costs 680,000 Add: Beginning work in process inventory 58,000 738,000 Less: Ending work in process inventory 24,000 Cost of goods manufactured $ 714,000 Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory 36,000 Add: Cost of goods manufactured 714,000 Cost of goods available for sale 750,000 Less: Ending finished goods inventory 81,000 Unadjusted cost of goods sold V 669,000 Less: Overapplied overhead 14,000 Adjusted cost of goods sold 655,000 Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales 1,050,000 Cost of goods sold 655,000 Gross margin 395,000 Selling and administrative expenses: Selling expenses $ 212,000 Administrative expenses 152,000 364,000 Net operating income $ 31,000 coes Schedule8) ABC Job Costing: Use the table below to complete the requirements here. a) Since the sales revenue has already been billed to each customer based on the Traditional system, the revenue for each job will be unchanged. Include Sales Revenue for each job in the ABC Job Report below. b) Direct Material and Direct Labor will also remain the same for each job. Complete the DM and DL for each job in the table below. c) Include the overhead amounts calculated for each job in 7) in the table below. d) Determine the total job costs by adding DM, DL and OH for each job. e) Calculate the Gross Margin by subtracting total job costs from Sales Revenue. f) Calculate Gross Margin percent as gross margin divided by sales revenue. such that revenue can be allocated. This Report represents a job summary based on "ABC" method of allocating Overhead. Superior Company Job Report - ABC Ref. JV28 BY92 ZF14 Sales Revenue Job Costs: Direct Material 8b) Direct Labor 8b) Overhead 7) Total Job Costs 8d) Gross Margin Gross Margin % 8f)
