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Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses

Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses $ 211,000
Purchases of raw materials $ 260,000
Direct labor ?
Administrative expenses $ 152,000
Manufacturing overhead applied to work in process $ 334,000
Total actual manufacturing overhead costs $ 354,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of Year End of Year
Raw materials $ 56,000 $ 38,000
Work in process ? $ 24,000
Finished goods $ 34,000 ?

The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $32,000. The companys overapplied or underapplied overhead is closed entirely to Cost of Goods Sold.

(Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Required:
a.

Prepare a schedule of cost of goods manufactured.

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Required: a. Prepare a schedule of cost of goods manufactured SUPERIOR COMPANY Schedule of Cost Goods Manufactured Direct materials: Raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured

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