The following data refers to Superior Metals Corporation for the year 20x4.

Required:

1. Prepare Superior Metals' schedule of cost of goods manufactured for 20x4.
2. Prepare the company's schedule of cost of goods sold for 20x4. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the company's income statement for 20x4.

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Raw-material inventory, 12/31/x3... $ 66,750 Depreciation on factory equipment. 45,000 Purchases of raw material in 20x4 548,250 Insurance on factory and equipment. 30,000 Raw-material inventory, 12/31/x4... Direct-labor cost incurred...... 44,250 Utilities for factory 52,500 355,500 Work-in-process inventory. 12/31/x3. -0- Selling and administrative expenses. 201,750 Work-in-process inventory, 12/31/x4 30,000 Indirect labor cost incurred. 112,500 Finished-goods inventory, 12/31/x3 26,250 Property taxes on factory. 67,500 Finished-goods inventory, 12/31/x4. 30,000 Depreciation on factory building 93,750 Applied manufacturing overhead. 433,125 Income tax expense... 18,750 Sales revenue... 1,578,750 Indirect material used.. 33,750