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help pls! Superior Company provided the following data for the year ended December 31 fall raw materlals are used in production as direct materials): Inventory
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Superior Company provided the following data for the year ended December 31 fall raw materlals are used in production as direct materials): Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs added to production for the year were $675,000; the cost of goods avallable for sale totaled $735,000, the unadjusted cost of goods sold totaled $666,000, and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepore schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepore the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manulactured.) Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. \begin{tabular}{l} \( \qquad \multicolumn{1}{|c|}{ \) Superior Company } \\ Sehedule of Cost of Goods Sold \\ \hline Add: Cost of goods manufactured \\ \hline Cost of goods available for sale \\ \hline Less: Ending finished goods inventory \\ \hline Unadjusted cost of goods sold \\ \hline Less: Overapplied overhead \\ \hline Adjusted cost of goods sold \\ \hline \end{tabular} Superior Company Step by Step Solution
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