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 Inventory balances at the beginning and end of the year were as follows: Beginning Ending $ 39,000 $ 27,000 ? Raw materials $ 56,000 Work in process ? Finished goods $ 33,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000, and the net operating income was $38,000. 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 COGS COGM Statem... Schedule Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Beginning work in process inventory Direct materials: $ 214,000 $ 264,000 7 $ 155,000 $ 367,000 $ 354,000 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured COGS Schedule $56,000 264,000 320,000 39,000 $281.000 27,000 367,000 675,000 675,000 27,000 COOM Schedulin Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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 Beginning Raw materials $ 56,000 process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending Work in process Finished goods $ 33,000 ? $ 39,000 $ 27,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. $ 214,000 $ 264,000 ? $ 155,000 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.) Income COGS COGM Statem... Schedule Schedule Prepare a schedule of cost of goods sold. $ 367,000 $ 354,000 Complete this question by entering your answers in the tabs below. Superior Company Schedule of Cost of Goods Sold Cost of goods available for sale Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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 $ 214,000 $ 264,000 ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 367,000 Actual manufacturing overhead cost $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending $ 39,000 $ 27,000 ? Raw materials $ 56,000 Work in process Finished goods $ 33,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. 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 COGS COGM Statem... Schedule Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income $ 214,000 155,000 0 369,000 Income Statement COGS Schedule >