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how do i calculate sales and net operating income for superior company? im trying to make an income statement Superior Company provided the following data

how do i calculate sales and net operating income for superior company? im trying to make an income statement

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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,666 Purchases of raw materials $ 266,666 Direct labor ? Administrative expenses 5 151,666 Manufacturing overhead applied to work in process $ 371,666 Actual manufacturing overhead cost $ 366,666 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 54,666 $ 34,666 Work in process ? $ 31,666 Finished goods $ 32,666 ? The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $32,000. 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 rst followed by the scheduie of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. I hmome COGS COGM Statement Schedule Schedule

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