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: $ 140,000 $ 290,000 ? $100,000 $285,000 $ 270,000 Beginning $ 40,000 Raw materials Work in process Finished goods Endint $ 10,000 $ 35,00 2 $ 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 S660,000, 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 an income statement for the year. Superior Company Income Statement Selling and administrative expenses Inventory balances at the beginning and end of the year were as follows: Beginnin Ending Raw materials $ 40,000 $ 10,000 Work in process 2 $ 35,000 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 5740,000 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 sold Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold The total manufacturing costs added to production for the year were $683,000, the cost of goods available for sale totaled $740,00 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. ook Income Statement COGS Schedule COGM Schedule rences Prepare a schedule of cost of goods manufactured, Superior Company Schedule of Cost Goods Manufactured Direct materials Total raw materials available A Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured
