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Need help with the 3 parts of this problem. Superior Company provided the following data for the year ended December 31 (al raw materials are
Need help with the 3 parts of this problem.
Superior Company provided the following data for the year ended December 31 (al raw materials are used in production as direct materials s 218,000 267,000 Selling expenses Direct labor Manufacturing overhead applied to vork in process 365,000 Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows Beginning of Year End of Year $ 54,000 39,000 7 32,000 Work in process Pinished goods The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $31,000. 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 Statement COGS Scheduke COGM Schedule Prepare an income statement for the year Step by Step Solution
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