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(Solved by Expert Tutors) Superior Company provided the following account balances for the year en


used in production as direct materials):

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?? ? ?
??Selling expenses $ 215,000 ?
??Purchases of raw materials $ 262,000 ?
??Direct labor ? ?
??Administrative expenses $ 158,000 ?
??Manufacturing overhead applied to work in process $ 331,000 ?
??Total actual manufacturing overhead costs $ 357,000 ?

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

??

?? Beginning of Year End of Year
??Raw materials $ 58,000 ? $ 39,000 ?
??Work in process ? ? ? $ 26,000 ?
??Finished goods $ 32,000 ? ? ? ?

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The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $30,000. The company?s overapplied or underapplied overhead is closed entirely to Cost of Goods Sold.

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(Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

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Required:
a. Prepare a schedule of cost of goods manufactured.

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b.

Prepare a schedule of cost of goods sold.?

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Apr 19, 2020

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