Question
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):Selling expensesPurchases of raw
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):Selling expensesPurchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead cost$219, 000264, 000$153,000$369, 000$355, 000Beginning and ending inventory balances were as follows:The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.Required:Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)BeginningEndingRaw materials$ 54,000$ 36,000Work in process?$ 32,000Finished goods$ 33,000Income statement Cogs schedule Cogm schedule
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