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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direComplete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an inComplete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schIncome Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of C

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SUPERIOR COMPANY
INCOME STATEMENT
PARTICULARS AMOUNT AMOUNT
$ $
Sales 1051000
Less-Cost of goods sold 653000
Gross margin 398000
Less- Selling & administrative expenses 368000
Selling expenses 214000
Administrative expenses 154000
Net Operating income 30000
SUPERIOR COMPANY
COST OF GOODS SOLD
PARTICULARS Amount
$
Beginning finished goods inventory 34000
Add: Cost of goods manufactured 701000
Cost of goods available for sale 735000
Less: Ending finished goods inventory 67000
Unadjusted Cost of goods sold 668000
Less- Over-applied overhead ($374000-$359000) 15000
Adjusted Cost of goods sold 653000
SUPERIOR COMPANY
COST OF GOODS MANUFACTURED REPORT
PARTICULARS AMOUNT
$
Beginning Raw Materials Inventory 53000
Add- Raw Material Purchases 266000
Total raw materials available 319000
Less-Ending Raw Material Inventory 31000
Raw Materials Used in production 288000
Direct Labor 28000
Manufacturing Overhead applied to work in process 374000
Total current manufacturing costs 690000
Add- Beginning Work in Process Inventory 42000
Total work in process 732000
Less- Ending Work in Process Inventory 31000
Cost of goods manufactured 701000
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