Superior Company provided the following data for the year ended December $31($all raw materlals are used in production as direct

materlals$)$:

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

The total manufacturing costs added to production for the year were $$680,000$; the cost of goods avallable for sale totalled $$740,000$;

the unadjusted cost of goods sold totalled $$667,000$; and the net operating income was $$31,000.$

Required:

Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. $($Hint: Due to some missing

Information, you will need to work backwards. Prepare the income statement and the 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

COGM

Statement

Schedule

Prepare an income statement for the year. Superlor Company provided the following data for the year ended December $31($all raw materlals are used in production as direct

materlals$)$:

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

The total manufacturing costs added to production for the year were $$680,000$; the cost of goods avallable for sale totalled $$740,000$;

the unadjusted cost of goods sold totalled $$667,000$; and the net operating income was $$31,000.$

Required:

Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. $($Hint: Due to some missing

Information, you will need to work backwards. Prepare the income statement and the 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.

Adjusted cost of goods sold Superior Company provided the following data for the year ended December $31($all raw materials are used in production as direct

materisls$)$:

Selling expenscs

Sel$1$ing expenscs of raw naterials $ $215,$ eae Purchases of

Direct labor

Adninistrative expenses $ $159,$ eae

Manufacturing overhead applied to work in process $ $335,$ eae

Actual manufacturing overhead cost

$$215,$ eae

$$267,$ eae

$?$

$$159,$ eae

$$335,Ba0$

$$355,$ elae

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

The total manufacturing costs added to production for the year were $$680,000$; the cost of goods available for $5$ale totalled $$740,000$;

he unadjusted cost of goods sold totalled $$667,000$; and the net operating income was $$31,000.$

Required:

Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. $($Hint: Due to some missing

information, you will need to work backwerds. Prepare the income statement and the schedule of cost of goods sold first followed by

he schedule of cost of goods manufactured.$)$

Complete this question by entering your answers in the tabs below.

Income

Statement.

COGS

COGM

Schedule

Prepare a schedule of cost of goods manufactured.