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DATA INPUT
Superior Metals Corporation
Sales revenue 1,578,750$
Raw-material inventory, 12/31/x3 66,750
Purchases of raw material in 20x4 548,250
Raw-material inventory, 12/31/x4 44,250
Direct-labor cost incurred 355,500
Selling and administrative expenses 201,750
Indirect labor cost incurred 112,500
Property taxes on factory 67,500
Depreciation on factory building 93,750
Income tax expense 18,750
Indirect material used 33,750
Depreciation on factory equipment 45,000
Insurance on factory and equipment 30,000
Utilities for factory 52,500
Work-in-process inventory, 12/31/x3 -
Work-in-process inventory, 12/31/x4 30,000
Finished-goods inventory, 12/31/x3 26,250
Finished-goods inventory, 12/31/x4 30,000
Applied manufacturing overhead 433,125
SOLUTION
1. Cost of goods manufactured for 20x2
Direct material:
Raw material inventory, 12/31/x3 66,750$
Manufacturing overhead:
Indirect material 33,750$
Indirect labor 112,500
Depreciation on factory building 93,750
Add: Work-in-process inventory, 12/31/x3 -
Subtotal 1,359,375$
3. Income Statement
Sales revenue 1,578,750$
