HELPPPP 20 MINUTES!!!!! Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses	$ 213,000
Purchases of raw materials	$ 264,000
Direct labor	?
Administrative expenses	$ 150,000
Manufacturing overhead applied to work in process	$ 372,000
Actual manufacturing overhead cost	$ 355,000

Inventory balances at the beginning and end of the year were as follows:

	Beginning	Ending
Raw materials	$ 58,000	$ 31,000
Work in process	?	$ 29,000
Finished goods	$ 37,000	?

The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $35,000. The companys 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

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end Raw materials Work in process Finished goods Beginning $ 58,000 7 $ 37,000 Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. the year were as follows: Ending $ 31,000 29,000 $ 213,000 $ 264,000 7 The total manufacturing costs added to production for the year were $675,000, the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $35,000. 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.) Complete this question by entering your answers in the tabs below. $ 150,000 $ 372,000 $ 355,000 Prev 1 of 1 Help Next > Save & Exit Sube The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $35,000. 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.) Complete this question by entering your answers in the tabs below. Income COGS Statement Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold COGM Schedule Adjusted cost of goods sold Save & Exit Submit Complete this question by entering your answers in the tabs below. COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Income Statement Direct materials: Total raw materials available Superior Company Schedule of Cost Goods Manufactured Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured