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3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year
3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 268,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 374,000 Actual manufacturing overhead cost $ 356,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 55,000 $ 39,000 Work in process ? $ 33,000 Finished goods $ 38,000 ? The total manufacturing costs added to production for the year were $690,000; the cost of
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