Question

Need this tonight please! Deadline: 2/18 11:59p.m

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ $ 212,000 267,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ $ $ 156,000 367,000 354,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 58,000 $ 32,000 ? $ 26,000 $ 33,000 The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $663,000; 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.)

Please finish for me. Show calculations necessary, no excel. Thank you.

Answer 1

1) Income statement

Sales		1055000
Cost of goods sold (663000-13000)		650000
Gross profit		405000
Selling and administrative expense
Selling expense	212000
Administrative expense	156000
Total Selling and administrative expense		368000
Net income		37000

2) Schedule of cost of goods sold

Beginning finished goods	33000
Cost of goods manufactured	707000
Cost of goods available for sale	740000
Ending finished goods	77000
Unajdusted cost of goods sold	663000
Less: Over applied overhead	-13000
Adjusted cost of goods sold	650000

3) Schedule of cost of goods manufactured

Direct material
Beginning raw material	58000
Raw material purchase	267000
Raw material available for use	325000
Less: Ending raw material	32000
Direct material used		293000
Direct labor		10000
Applied overhead		367000
Total manufacturing cost		670000
Beginning work in process		63000
Total cost of work in process		733000
Ending work in process		26000
Cost of goods manufactured		707000

Answer 2

How to calculate work in process ending balance if cost of goods manufactured is not given ?