Superior Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 Work in process, 1/1 Direct materials Raw materials inventory, 1/1 $ 30,000 Raw materials purchases 205,000 Total raw materials available for use 235,000 Less: Raw materials inventory, 12/31 20,000 Direct materials used $215,000 Direct labor 350,000 Manufacturing overhead Indirect labor $105,000 Factory utilities 65,000 Factory machinery rent 40,000 Factory manager's salary 35,000 Depreciation, factory building 24,000 Insurance, factory 14,000 Property taxes, factory building 6,000 Total manufacturing overhead 289,000 Total manufacturing costs Total cost of work in process Less: Work in process, 12/31 Cost of goods manufactured $ 80,000 854,000 934,000 50,000 $ 884,000 Superior Company Income Statement For the Year Ended December 31, 2022 Sales revenue $1,500,000 Cost of goods sold Finished goods inventory, January 1 $110,000 Cost of goods manufactured 884,000 Cost of goods available for sale 994,000 Less: Finished goods inventory, December 31 120,000 Cost of goods sold 874,000 Gross prot 626,000 Operating expenses Administrative expenses 300,000 Sales commissions 150,000 Delivery expenses 100,000 Total operating expenses 550,000 Net income $ 76,000 Superior Company Balance Sheet (partial) December 31, 2022 Current assets Cash $ 17,000 Short-term investments 26,000 Accounts receivable (net) 120,000 Inventory Finished goods $120,000 Work in process 50,000 Raw materials 20,000 190,000 Prepaid expenses 13,000 Total current assets $366,000