Check m 22 FIUwiem 1 Aiguj sureuuies ui CuSi vi vuous vanuidciureu anu COSL VI Vuvus viu, HICITE 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): 0.21 points Skipped Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 211,000 $ 269,000 ? $ 158,000 $ 375,000 $ 358,000 eBook Print References Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 55,000 ? $ 38,000 Ending $ 38,000 $ 30,000 2 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $36,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) 22 statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. 0.21 points Income Statement COGS Schedule COGM Schedule Skipped Prepare an income statement for the year. eBook Superior Company Income Statement Print References 0 Selling and administrative expenses: n
Check my wc 22 statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. 0.21 points Income Statement COGS Schedule COGM Schedule Skipped Prepare a schedule of cost of goods sold. eBook Print References Superior Company Schedule of Cost Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Add: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 38,000 650,000 725,000 Check my wa 22 complete this question Dy entering your answers in the tads pelow. Income Statement COGS Schedule COGM Schedule 0.21 points Prepare a schedule of cost of goods manufactured. Skipped Superior Company Schedule of Cost Goods Manufactured eBook Print $ 55,000 269,000 References 324,000 38,000 $ 286,000 Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 375,000 680.000 680,000 30,000 $ 650,000
