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Need help answering book question PROBLEM 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3 Superior Company provided the
Need help answering book question
PROBLEM 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3 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 $290,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $100,000 $285,000 $270,000 Inventory balances at the beginning and end of the year were as follows: Ending Beginning $40,000 $50,000 $10,000 $35,000 Work in process . Finished goods The total manufacturing costs 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 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.)Step by Step Solution
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