- Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses $ 140,000 Purchase of raw materials $ 290,000 Direct labor 2 Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 205,000 Actual manfacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Deginning Thing Bateria 5.40,000 10,000 Work in process 2 $ 35,000 Finished goods $50,000 The total manufacturing costs added to production for the year were $683,000, the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $660,000, and the net operating income was $30,000. The company's underapplied or overoppled 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 incomo 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. Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement ( statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufact Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement 0 Selling and administrative expenses 0 COGS Schedule > Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory Add Purchases of raw materials Total raw materials available $ 40.000 290.000 Direct materials used in production Total manufacturing costsindded to production Tartu Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct ma 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your a 5. Assume that the $70,000 ending balance in Work in Process includes $24,000 of direct materials. Given this assumption, sur Information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of underapplied or overapplied overhead for the year. overhead Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Gitano Products Schedule of Cost of 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 Cost of goods manufactured
