User Account

All Pages

Prepare schedules of cost of goods manufactured

Assignment Help Accounting Basics
Reference no: EM131622259

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$214,000Purchases of raw materials$265,000Direct labor ?Administrative expenses$152,000Manufacturing overhead applied to work in process$363,000Actual manufacturing overhead cost$353,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of YearEnd of YearRaw materials$57,000 $33,000 Work in process ? $29,000 Finished goods$32,000? 

The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $37,000. 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.)

Reference no: EM131622259

Questions Cloud

Factors that must be considered in assessing foreign markets : Factors that must be considered in assessing foreign markets are the following EXCEPT:
How you use technology in your higher education classroom : How will you use technology in your higher education classroom? What are some simple ways you can integrate technology into your everyday instruction?
What do you think about ed resolution of his problem : Engagement Timekeeping Records. A time budget is always prepared for audit engagements. Numbers of hours are estimated for various segments of the work.
Projects or programs for change : Your project this term asked you to compare and contrast two companies' change projects or programs for change.
Prepare schedules of cost of goods manufactured : Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement
Examine the laboratory blood test results : Explain what Mucor is and how a patient is likely to become infected with Mucor.Examine the laboratory blood test results.
Employees with their career development : Propose three ways that a mentor and a new employee orientation can assist employees with their career development.
Compute the efficiency variances for direct labor : Suppose you manage the local Scoopy's ice cream parlor. Compute the efficiency variances for direct labor and direct materials
Prescribed for performance consulting : In "The Anatomy of Performance," written by Geary Rummler (Handbook of HPT, chapter 42), four critical success factors were prescribed for performance.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Differences that exist in the treatment of bank overdrafts

Discuss the differences that exist in the treatment of bank overdrafts under GAAP and IFRS.

  Why has performance-based management replaced

Why has performance-based management replaced, or at least supplemented, the "traditional" scheme for compensating some asset managers?

  Balance sheet and income statement data indicate the

balance sheet and income statement data indicate the following bonds payable 10 issued 1988 due 2012 1000000 preferred

  Account for the full-fare and half-fare tickets

Southeast Airlines Inc. awards members of its Flightline program a second ticket at half price, valid for 2 years anywhere on its flight system, when a full-price ticket is purchased. How would you account for the full-fare and half-fare tickets?

  What is the investments net present value

Robert Huft retires in 6 years. He would have to purchase equipment costing $590,000 to equip the outlet. Other outlets in the fast food chain have an annual net cash inflow of about $140,000. Mr. Anders would close the outlet in 6 years. He estim..

  Amanda retired on disability in june of the current year

amanda retired on disability in june of the current year. she earned wages of 10000 before her retirement and received

  Corporation current earnings and profits

Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:

  Appreciation for the field of accounting

Think back over what you have studied and learned in this course. Do you have a new perception of or appreciation for the field of accounting and how it contributes to business? Explain

  Examine the following book-value bal sheet for university

examine the following book-value bal. sheet for university products inc. the preferred stock currently sells for 12.00

  What is the difference between earnings management and the

what is the difference between earnings management and the types of frauds and scandals companies have been doing in

  Explain essential skills that make a candidate successful

Describe two career options someone with an accounting education can pursue.- Describe one researched accounting position, and explain the essential skills that would make a candidate successful in the position.

  Record the following transactions both budgetary and

record the following transactions both budgetary and actual entries in the general ledger of a cpf of santiago county.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd