Init 2 Application Assignment Saved 6 Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] at Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) obo Selling expenses Purchases of raw materials Direct Labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 216,000 $ 263,000 $ 155,000 $ 377,000 $360,000 Inventory balances at the beginning and end of the year were as follows: Behing Ending kaw materials $ 51, elle $ 34,000 Work in process $ 29,000 Finished goods $ 37,000 2 The total manufacturing costs added to production for the year were $690,000, the cost of goods available for sale totaled $745.000, the unadjusted cost of goods sold totaled $667000, and the net operating Income was $40.000 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 Charmant COGS Sahara COGM Srhebe the year were $690,00 the unadjusted cost of goods sold totaled $667,000, and the net operating in overapplied overhead is closed to Cost of Goods Sold. 13 Required: Prepare schedules of cost of goods manufactured and cost of goods sold and statement and schedule of cost of goods sold first followed by the schedule points Complete this question by entering your answers in the tabs below. eBook Income Statement COGS Schedule COGM Schedule References Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses. Selling expenses Administrative expenses $ 1,067,000 (650,000) 417,000 Net operating income Income Statement COGS Sche The total manufacturing costs added to production for the year were $690,000; the cost of go the unadjusted cost of goods sold totaled $667,000; and the net operating income was $40,00 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 state statement and schedule of cost of goods sold first followed by the schedule of cost of goods m Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule aces Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 37,000 708,000 745,000 79,000 667,000 17 000 650,000 launchuriahttps%25 6252Fnew Application Assignment Saved Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint Pre 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 Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. ces Superior Company Schedule of Cost Goods Manufactured Direct materials Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured COGS Schedule COGN Schedule