Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SU Corporation has provided the following data concerning last month's manufacturing operations. Beginning inventories. - Raw materials: $11,500 - Work in process: $55,700 - Finished

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
SU Corporation has provided the following data concerning last month's manufacturing operations. Beginning inventories. - Raw materials: $11,500 - Work in process: $55,700 - Finished goods: $33,400 Ending inventories. - Raw materials: $20,000 - Work in process: $68,200 - Finished goods: $42,400 Additional information. - Purchases of raw materials: $31,000 - Indirect materials used in production: $4,960 - Direct labor: $59,800 - Manufacturing overhead applied to work in process: $88,200 - Underapplied overhead: $4,120 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods'Sold. 3. Compute the total manufacturing overhead costs incurred. Complete this question by entering your answers in the tabs below. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ SU Corporation } \\ \hline \multicolumn{2}{|c|}{ Schedule of Cost of Goods Manufactured } & & \\ \hline Direct materials: & & & \\ \hline & & & \\ \hline Total raw materials available & & & \\ \hline Raw materials used in production & & & \\ \hline & & & \\ \hline Direct materials used in production & & \\ \hline & & & \\ \hline Total manufacturing costs added to production & & \\ \hline Total manufacturing costs to account for & & \\ \hline Cost of goods manufactured & & \\ \hline \end{tabular} Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Compute total manufacturing overhead costs incurred

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+1. Which of the dimensions has the highest score?

Answered: 1 week ago