Question

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor 219,000 261,000 Manufacturing overhead applied to work in process Actual manufacturing over s 155,000 $367,000 $355,000 Inventory balances at the beginning and end of the year were as follows: of rear End of Year $ 57,000 37,000 25,000 Work in process Pinished goods $ 38,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $745,000: the unadjusted cost of goods sold totaled $665,000; and the net operating income was $32,000. 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.) Complete this question by entering your answers in the tabs below COGs COGM Prepare an income statement for the year. State

Answer 1