ACC 601-Managerial Accounting Group Assignment 1 (80 points)

Instructions:

1. As a group, complete the following activity in good form. Use excel or word only. Provide all supporting calculations to show how you arrived at your numbers

Question:

Part A-2: Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement

• Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses $216,000

Purchases of raw materials $264,000

Direct labor ?

Administrative expenses $159,000

Manufacturing overhead applied to work in process $368,000

Actual manufacturing overhead cost $355,000

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

Beginning of YearEnd of Year

Raw materials $ 51,000 $ 33,000

Work in process ? $ 32,000

Finished goods $ 34,000 ?

The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $32,000. 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.)

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