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 $ 219,000 $265,000 2 $ 160,000 $ 370,000 $ 358,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 31,000 Ending $ 32,000 $ 26,000 2 The total manufacturing costs added to production for the year were $675,000, the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667000, and the net operating income was $36,000. 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 Raw materials Work in process Finished goods $ 58,000 ? $ 31,099 $ 32,000 $ 26,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of the unadjusted cost of goods sold totaled $667,000; and the net operating income was $3 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 st statement and schedule of cost of goods sold first followed by the schedule of cost of good 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 COGS Schedule > 2 Raw materials Work in process Finished goods $ 58,000 ? $ 31,000 $ 32.000 $ 26,000 ? nts The total manufacturing costs added to production for the year were $675,000, the cost of goods the unadjusted cost of goods sold totaled $667,000; and the net operating income was $36.000. 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 stateme statement and schedule of cost of goods sold first followed by the schedule of cost of goods man eBook Print Complete this question by entering your answers in the tabs below. Terences Income Statement COGS Schedule COGM Schedule Prepare a schedule of COGS Schedule Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Income Statement COGM Schedule > & Pre e here to search Raw materials Work in process Finished goods $ 58,000 ? $ 31,000 $ 32.00 $ 26,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods availa the unadjusted cost of goods sold totaled $667,000; and the net operating income was $36,000. The 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. (HC statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactu 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 Direct materials Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured