{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T20:07:41-04:00", "answer_date": "2024-05-27 20:07:41", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1798697", "url": "\/study-help\/questions\/superior-company-provided-the-following-data-for-the-year-ended-1798697", "question_creation_date_js": "2024-05-27T20:07:41-04:00", "question_creation_date": "May 27, 2024 08:07 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 $ 216,000 $ 268,000 $ 159,000 $ 375,000 $ 359,000 Raw materials Work in process Finished goods Beginning $ 53,000 Ending $ 40,000 $ 31,000 $ 39,000 The total manufacturing costs added to production for the year were $675,000 the cost of goods available for sale totaled $730,000 the unadjusted cost of goods sold totaled $661,000 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 ", "question_description": "\"image\"image\"image\"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: $ 216,000 $ 268,000 ? $ 159,000 $ 375,000 $ 359,000 Raw materials Work in process Finished goods Beginning $ 53,000 Ending $ 40,000 ? $ 31,000 $ 39,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $661,000; 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.", "related_book": { "title": "Financial Accounting", "isbn": "1133952410, 9781133952411, 978-1133952428", "edition": "12th Edition", "authors": "Warren, Reeve, Duchac", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/114.jpg", "uri": "\/textbooks\/financial-accounting-12th-edition-114", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8861228701", "uri": "\/textbooks\/blm-fire-and-aviation-2023-national-aviation-plan-1st-edition-979-8861228701-170729", "name": "Blm Fire And Aviation 2023 National Aviation Plan", "edition": "1st Edition" }, "question_posted": "2024-05-27 20:07:41", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/accounting-for-a-lease-contractifrs-16-example-1-of-4-663438", "description": "I am learning intermediate accounting and how to account for leases. 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