Question
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses$218,000Purchases of
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
Selling expenses$218,000Purchases of raw materials$267,000Direct labor?Administrative expenses$153,000Manufacturing overhead applied to work in process$375,000Actual manufacturing overhead cost$356,000
Inventory balances at the beginning and end of the year were as follows:
Beginning of YearEnd of YearRaw materials$50,000$40,000Work in process?$27,000Finished goods$32,000?
The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
please include:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
PLEASE HELP!!!
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