Question

Cost of Goods Sold? PROBLEM 3-13 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): $140,000 $290,000 Selling expenses Purchases of raw materias Direct labor Administrative expenses Manufacturing overhead apo Actual manufacturing overhead ca $100,000 $285,000 $270,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods $40,000 Ending $10,000 $35,000 $50,000 The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled 5740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.)
I need the aswer on this format please. sorry for my friend's hand writing.

Answer 1

QUESTION WAS NOT CLEARLY VISIBLE,

A LINE MENTIONED ABOUT MANUFACTURING OVERHEAD RS.2,85,000/- NOT CLEARLY SEEN

ALL CALCULATION MADE ON THE BASIS OF ACTUAL MANUFACTURE OVERHEAD
CONSUMPTION OF RAW MATERIAL
OPENING BALANCE	$         40,000.00
PURCHASE	$     2,90,000.00
	$     3,30,000.00
CLOSING	$         10,000.00
CONSUMPTION	$     3,20,000.00
CALCULATION OF STOCK TRANFER FROM WIP TO FINISHED GOODS
TOTAL COST OF GOODS AVAILABLE FOR SALE	$     7,40,000.00
OPENING STOCK OF FINISHED GOODS	$         50,000.00
TRANFER FROM WIP	$     6,90,000.00
CALCULATION OF CLOSING STOCK OF FINISHED STOCK
OPENING BALANCE	$         50,000.00
TRANSFER FROM WIP	$     6,90,000.00
	$     7,40,000.00
UNADJUSTED COST OF GOODS SOLD / SALE	$     6,60,000.00
CLOSING STOCK	$         80,000.00
CALCULATION OF LABOUR COST
TOTAL MANUFACTURING COST	$     6,83,000.00
CONSUMPTION OF RAW MATERIAL	$     3,20,000.00
MANUFACTURING OVERHEAD	$     2,70,000.00
LABOUT COST	$         93,000.00
CALCULATION OF OPENING WIP
TRANSFER TO FINISHED GOODS	$     6,90,000.00
CLOSING STOCK	$         35,000.00
	$     7,25,000.00
MANUFACTURING COST	$     6,83,000.00
OPENING STOCK	$         42,000.00
INCOME STATEMENT
UNADJUSTED COST OF GOODS SOLD/ SALE	660000
ADMINISTRATIVE EXPENSES	100000
SELLING EXPENSES	140000
COST OF SALES	900000
OPERATING INCOME	30000
SALES	930000