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Superlor Company provided the following data for the year ended December 31 (all raw materlals are used in production as direct materlals): Inventory balances at
Superlor Company provided the following data for the year ended December 31 (all raw materlals are used in production as direct materlals): Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs added to production for the year were $685,000; the cost of goods avallable for sale totaled $750,00 the unadjusted cost of goods sold totaled $667,000; and the net operating income was $33,000. 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.) ) Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare an income statement for the yeari Prepare a schedule of cost of goods sold. Prepare a schedule of cost of goods manufactured
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