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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as dire
Income Statement COGS Schedule COGM Schedule 3 Prepare an income statement for the year. Superior Company Income Statement 3.
Income Statement COGS Schedule COGM Schedule 3 Prepare a schedule of cost of goods sold. 57 pints Superior Company Schedule o
Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of C
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Answer #1
Superior Company
Income Statement
Sales $ 11,04,000
Deduct: Cost of Goods Sold $   7,09,000
Gross Margin $   3,95,000
Deduct: Selling and Administrative Expenses:
Selling Expense $ 2,10,000
Administrative Expense $ 1,54,000 $   3,64,000
Net Operating Income $       31,000
Superior Company
Schedule of Cost of Goods Sold
Finished Goods Inventory Beginning $     37,000
Cost of goods manufactured $ 7,03,000
Cost of goods available for sale $ 7,40,000
Deduct: Finished Goods Inventory Ending $     79,000
Unadjusted cost of goods sold $ 6,61,000
Add: Underapplied Overheads $     48,000
Adjusted cost of goods sold $ 7,09,000
Superior Company
Schedule of Cost of goods Manufactured
Direct Materials
Raw Material Inventory beginning $     50,000
Add: Purchases of raw Material $ 2,64,000
Total Raw Material available $ 3,14,000
Deduct: Raw Material Inventory ending $     39,000
Raw Material used in production $   2,75,000
Direct Labor $       28,000
Manufacturing overheads applied to work in process inventory $   3,67,000
Total manufacturing cost $   6,70,000
Add: Beginning work in process inventory $       57,000
$   7,27,000
Deduct: Ending work in process inventory $       24,000
Cost of goods manufactured $   7,03,000
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