Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost eginning and ending inventory balances were as follows: Beginning Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? he total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; e unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. The company's underapplied or verapplied overhead is closed to Cost of Goods Sold. equired: repare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income atement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost eginning and ending inventory balances were as follows: Beginning Ending $ 214,000 $ 270,000 ? $ 157,000 $ 370,000 $ 351,000 Raw materials Work in process Finished goods $ 56,000 $ 39,000 ? $ 29,000 $ 37,000 ? he total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; e unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. The company's underapplied or verapplied overhead is closed to Cost of Goods Sold. equired: repare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income atement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 3E: The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the...

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