Question
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses$215,000 Purchases
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
Selling expenses$215,000
Purchases of raw materials$264,000
Direct labor?
Administrative expenses$155,000
Manufacturing overhead applied to work in process$365,000
Actual manufacturing overhead cost$354,000
Inventory balances at the beginning and end of the year were as follows:
Beginning of Year raw materials $58,000, work in process ___?___ the finished goods $36000
End of year Raw materials $58000 work in process $29,000 finished goods __?__
The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $38,000. 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.)
****basically need to make three things- an income statement, then schedule of cost of goods sold, then schedule of cost of goods manufactured. I managed to do some but couldnt figure some of missing informations as my answers seem not correct- it is possible i might be wrong with other numbers i came up with so would like to see if you can show me how to do them with formulas and i can see what and why i was wrong if any**
thank you
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