2-5235 Question 3 Superior Company has the following cost and expense data for the year ending December 31, 2014. Raw materials, 1/1/14 5 Raw materials, 12/31/14 30,000 Insurance, factory $14,000 Raw materials purchase 20,000 Property taxes, factory building 6,000 Indirect materials 205,000 Sales revenue 1,500,000 Work in process, 1/1/14 15,000 Delivery expenses 100,000 80,000 Work in process, 12/31/14 Sales commissions 150,000 50,000 Indirect labor 90,000 Finished goods, 1/1/14 110,000 Finished goods, 12/31/14 Factory machinery rent 40,000 120,000 Factory utilities 65,000 Direct labor 24,000 350,000 factory building Factory manager's salary 35,000 Administrative expenses 300,000 Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2014. (b) Prepare an income statement for Superior Company for 2014. Work in process, 1/1 Direct materials (a) Superior Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Raw materials inventory, 1/15 2010 Raw materials purchases 2-5 Total raw materials available for use 235 Less: Raw materials inventory, 12/31 24 Direct materials used 215. Indirect materials Direct labor Manufacturing overhead Indirect labor Factory utilities Factory machinery rent Factory manager's salary Depreciation, factory building Insurance, factory Property taxes, factory building Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in process, 12/31 50,000 Cost of goods manufactured $ 884,000 35,000 9. 65. 35.** 15. 19 6 Sen