Question#4
Selected account balances for the year ended December 31 are provided below for superior Company;
Purchases of raw materials......... $290,000
Direct labor......... ?
Manufacturing over overhead.........$270,000
Inventory balances at the beginning and end of the year were as follows;
Begining of the year the
Year End of the year
Raw materials........$40.000 $10,000
Work in process......? $35,000
Finished goods....... $50,000 ?
The total manufacturing costs for the year were $683,000; the goods available for sale totaled$740,000; and the cost of goods sold totaled $660,000
Required: prepare a schedule of cost of goods manufactured and the cost of goods sold
Statement