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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 a schComplete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schComplete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an in

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Answer #1
SUPERIOR COMPANY
SCHEDULE OF COST OF GOODS MANUFACTURED
FOR THE YEAR ENDED DECEMBER 31
$ $
Direct materials:
Beginning Raw materials inventory            54,000.00
Add: Raw materials purchases          269,000.00
Raw materials available for use          323,000.00
Less: Ending Raw materials inventory          (40,000.00)
Raw materials used in production          283,000.00
Direct labor (670,000-371,000-283,000)            16,000.00
Manufacturing Overhead applied to work in process          371,000.00
Total manufacturing costs (Given)          670,000.00
Add: Beginning Work in process inventory            47,000.00
Total cost of work in process          717,000.00
Less: Ending Work in process inventory          (29,000.00)
Cost of goods manufactured        688,000.00
SUPERIOR COMPANY
Schedule of cost of goods sold
FOR THE YEAR ENDED DECEMBER 31
$
Beginning Finished Goods            37,000.00
Add: Cost of goods manufactured          688,000.00
Cost of goods available for sale          725,000.00
Less: Ending Finished Goods          (65,000.00)
Unadjusted Cost of goods sold          660,000.00
Less: Over applied overhead ($354,000 ‒$371,000)          (17,000.00)
Adjusted Cost of goods sold 643,000.00
SUPERIOR COMPANY
Income Statement
FOR THE YEAR ENDED DECEMBER 31
$ $
Sales 1,046,000.00
Less: Cost of goods sold     643,000.00
Gross margin     403,000.00
Selling and administrative expenses:
Selling Expenses     215,000.00
Administrative Expense     156,000.00     371,000.00
Net operating income (Given)     32,000.00
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