Problem 3-13 (Static) Schedules of Cost of Goods Manufactured and cost of Goods Sold; Income Statement [LO3-3] Direct labor Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 148,eee Purchases of raw materials $ 290, eee ? Administrative expenses $ 1ee,eee Manufacturing overhead applied to work in process $ 285.ee Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,880 $ 18,eee Work in process $ 35,eee Finished goods $ 50,000 2 The total manufacturing costs added to production 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.) ? Complete this question by entering your answers in the tabs below. Income COGS COGM Statenent Schedule Schedule Prepare an income statement for the year. S Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses S 140,000 Administrative expenses 100,000 915,000 845,000 270.000 240,000 30.000 Net operating income S Income Statement COGS Schedule Problem 3-13 (Static) 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 Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: $ 140,6ee $ 298,eee ? $ 1ee,eee $ 285,eee $ 270,000 Raw materials Work in process Finished goods Beginning $ 40,000 ? $ 50,888 Ending $ 10,eee $ 35,eee ? The total manufacturing costs added to production 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule S Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold 50,000 690,000 740,000 80,000 880,000 (15,000) 645,000 S ? $ 285,800 Problem 3-13 (Static) 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,eee Purchases of raw materials $ 290, eee Direct labor Administrative expenses $ 100,eee Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 270,eee Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,00 $ 18,eee Work in process ? $ 35,eee Finished goods $ 50,000 ? The total manufacturing costs added to production 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured S 40,000 290,000 330,000 10.000 S Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Total raw materials available Less Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 320,000 78,000 285,000 683,000 883.000 35,000 890.000 S COGS Schedule COGM Schedule