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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) 2 Selling expenses

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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) 2 Selling expenses $ 210,000 Purchases of raw materiais $ 265,000 Direct labor Administrative expenses $ 152,000 Manufacturing overhead applied to work in proces $ 372,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 53,000 $ 34,000 Work in process 7 $ 32.000 Tinished goods $ 39,000 The total manufacturing costs added to production for the year were $685,009, the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $667,000, and the net operating indome was $39,000. The company's underapplied on 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 Statement COGS Schedule COGM Schedule Check my work mode : This shows what is correct or incorrect for Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. 3:02 Superior Company Income Statement Selling expenses x Raw materials x Gross margin Selling and administrative expenses: 0 O Direct materials: Manufacturing overhead applied to work in process Manufacturing overhead cost Purchase of raw materials Raw materials inventory, ending Utilities, factory Total manufacturing costs to account for Cost of goods manufactured Beginning raw materials inventory Direct labor Indirect labor Manufacturing overhead applied to work in process Superior Company Schedule of Cost of Goods Sold Add: Cost of goods manufactured Add: Ending finished goods inventory Add: Overapplied overhead Add: Underapplied overhead ca

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