o Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): 1:11:32 Selling expennan Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cont $ 215,000 $ 264,000 7 156,000 $ 376,000 $ 356,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 52,000 $ 35,000 Work in process 2 $ 33,000 Finished goods $ 34,000 The total manufacturing costs added to production for the year were $675,000, the cost of goods avallable for sale totaled $730,000; the unadjusted cost of goods sold totaled $665,000; 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 told 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 far Denne delen af dem MacBook Air Complete this question by entering your answers in the tabs below. 8 01:11:26 Income Statement COGS Schedule COGM Schedule Prepare an Income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses $ Selling expenses 1,048,000 645,000 403,000 156,000 215,000 371,000 k Income Statement COGS Schedule > Prev 10 of 21 Nex Complete this question by entering your answers in the tabs below. 8 01:11:22 Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. $ Suporlor Company Schedule of Cost of Goods Bold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Add: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 34,000 696,000 730,000 65,000 665,000 (20,000) 645,000 $