Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses $ 211,000 Purchases of raw materials $ 261,000 Direct labor Administrative expenses $ 156,000 Manufacturing overhead applied to work in process $ 363,000 Actual manufacturing overhead cost $ 351,000 Inventory balances at the beginning and end of the year were as follows Beginning Ending Raw materials $ 56,000 $ 39,000 Work in process $ 31,000 Finished goods $ 36,000 The total manufacturing costs added to production for the year were $680,000 the cost of goods available for sale totaled $720,000 the unadjusted cost of goods sold totaled $669,000 and the net operating income was $35,000 The companys 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 )

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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): Selling expenses $

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 211,000 Purchases of raw materials $ 261,000 Direct labor ? Administrative expenses $ 156,000 Manufacturing overhead applied to work in process $ 363,000 Actual manufacturing overhead cost $ 351,000

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

	Beginning		Ending
Raw materials	$	56,000	$	39,000
Work in process		?	$	31,000
Finished goods	$	36,000		?

The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $35,000. The companys 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.)