QUESTION NO 1: (Assignment)

Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2016.

Raw materials, Beginning $ 30,000 Insurance, factory $ 14,000

Raw materials, Ending 20,000 Property taxes, factory building 6,000

Raw materials purchases 205,000 Sales (net) 1,500,000

Indirect materials 15,000 Delivery expenses 100,000

Work in process, Beginning 80,000 Sales commissions 150,000

Work in process, Ending 50,000 Indirect labor 90,000

Finished goods, Beginning 110,000 Factory machinery rent 40,000

Finished goods, Ending 120,000 Factory utilities 65,000

Direct labor 350,000 Depreciation, factory building 24,000

Factory managers salary 35,000 Administrative expenses 300,000

Instructions

(a) Prepare a cost of goods manufactured schedule for Superior Company for 2016.

(b) Prepare an income statement for Superior Company for 2016

Please answer part A and part B

Thanks in advance. It will be better to understand if you give a picture of a hand note