Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.

Char3 Homework Help Save & Bar 2 Supenor Company provided the following data for the year ended December 31all raw materials are used in production as direct materials 50 Beli Patches of Tamil rest labore Adilatatis expenses Manufacturing the pled to work in process mancing the cost Inventory balances the beginning and end of the year were as follows $312.030 $ 200,000 7 11.08 3 369, to 195.000 $11,000 la process 130.000 hode 130,00 The total manufacturing costs added to production for the year were $675.000, the cost of goods wilable for sale totaled $40,000 the nested cost of goods sold totaled 1660.000 and the net operating income was $36.000. The company's underapplied overed overhead is cosed to cost of Goods Sold Required Prepare schede of cost of goods manufactured and cost of goods sold and an income statement et Prepare the income tentand schedule of cont of goods sold tirst flowed by the schedule of cost of goods manufactured) Complete this westion by entering your answer in the tabe below DOGS COM SO Trance for the year COM Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 212,000 $ 262,000 ? $ 151,000 $ 369,000 $352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 55,000 $ 31,000 Work in process 2 $ 30,000 Finished goods $ 30,000 2 The total manufacturing costs added to production for the year were $675,000, the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $669,000; and the net operating income was $36,000. 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 Schedule COGM Schedule Prepare a schedule of cost of goods sold. $ 30,000 Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Leso: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 740,000