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Problem 3 - 1 3 ( Algo ) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [ LO 3 -

Problem 3-13(Algo) 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 $ 212,000
Purchases of raw materials $ 267,000
Direct labor ?question mark
Administrative expenses $ 152,000
Manufacturing overhead applied to work in process $ 362,000
Actual manufacturing overhead cost $ 351,000
Beginning and ending inventory balances were as follows:
Beginning Ending
Raw materials $ 56,000 $ 37,000
Work in process ?question mark $ 28,000
Finished goods $ 34,000?question mark
The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $30,000. The companys 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.)

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