Superior Company provided the following data for the year ended December 31 (all raw materials are...
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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 $215,000 $ 264,000 ? $ 153,000 $ 376,000 $357,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 52,000 $ 32,000 25,000 $ $ 35,000 The total manufacturing costs for the year were $685,000, the cost of goods available for sale totaled $740000, the unadjusted cost of goods sold totaled $668,000, and the net operating income was $33.000. The company's underapplied or overappled overhead is closed to Cost of Goods Sold. Required: Score answer 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 $215,000 $ 264,000 ? $ 153,000 $ 376,000 $357,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 52,000 $ 32,000 25,000 $ $ 35,000 The total manufacturing costs for the year were $685,000, the cost of goods available for sale totaled $740000, the unadjusted cost of goods sold totaled $668,000, and the net operating income was $33.000. The company's underapplied or overappled overhead is closed to Cost of Goods Sold. Required: Score answer
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