{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T13:10:23-04:00", "answer_date": "2024-05-26 13:10:23", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1741410", "url": "\/study-help\/questions\/superior-company-provided-the-following-data-for-the-year-ended-1741410", "question_creation_date_js": "2024-05-26T13:10:23-04:00", "question_creation_date": "May 26, 2024 01:10 PM", "meta_title": "[Solved] Superior Company provided the following d | SolutionInn", "meta_description": "Answer of - Superior Company provided the following data for the year ended December 31 (all raw materials are used in production | SolutionInn", "meta_keywords": "superior,company,provided,data,year,ended,december,31,raw,materials,production,direct", "question_title_h1": " Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses", "question_title": " Superior Company provided the following data for the year ended December", "question_title_for_js_snippet": "Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows $ 215,000 $ 264,000 $ 157,000 $ 369,000 $ 351,000 Raw materials Work in process Finished goods Beginning $ 53,000 Ending $ 34,000 $ 26,000 $ 32,000 The total manufacturing costs added to production for the year were $690,000 the cost of goods available for sale totaled $735,000 the unadjusted cost of goods sold totaled $667,000 and the net operating income was $35,000 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 Schedule Prepare a schedule of cost of goods manufactured Superior Company Schedule of Cost Goods Manufactured Direct materials Beginning raw materials inventory Add Purchases of raw materials Total raw materials available Less Ending raw materials inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured COGS Schedule COGM Schedule ", "question_description": "\"image", "transcribed_text": "Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: $ 215,000 $ 264,000 ? $ 157,000 $ 369,000 $ 351,000 Raw materials Work in process Finished goods Beginning $ 53,000 Ending $ 34,000 ? $ 26,000 $ 32,000 ? The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $35,000. 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 Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured < COGS Schedule COGM Schedule >", "related_book": { "title": "Intermediate accounting", "isbn": "978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094", "edition": "7th edition", "authors": "J. David Spiceland, James Sepe, Mark Nelson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/270.jpg", "uri": "\/textbooks\/intermediate-accounting-7th-edition-270", "see_more_uri": "" }, "free_related_book": { "isbn": "0387969047", "uri": "\/textbooks\/mri-physics-for-physicians-1989-edition-9780387969046-113442", "name": "MRI Physics For Physicians", "edition": "1989 Edition" }, "question_posted": "2024-05-26 13:10:23", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/1-determine-the-ph-of-a-43104-m-naoh-solution-331271", "description": "1) Determine the pH of a 4.3*10^-4 M NaOH solution. 2) why would we say that a solution with a H+ concentration of 1.00*10^-7 M is said to be neutral if it contains acid, shouldn't be acidic?", "stars": 3 }, { "url": "\/do-you-think-the-term-spread-was-an-effective-predictor", "description": "Do you think the term spread was an effective predictor of the recession that started in December 2007? 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