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Business · Accounting
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchanen of raw materials Direct labor Adninistrative expenses Manufacturing overhead applied to work in PrOCCG Actual manufacturing overhead cost $218,000 $270,000 $150,000 $364, 000 $350,000 Inventory baiances at the beginning and end of the year were as follows: Beginning End of of YearYear Raw materials $54,000 $35,000 Work in procesS Finished goods $37,000 2 $26,000 The total menufacturing costs for the year were $675.000: the cost of goods aveiabe for sale tota ed $725.000; the unadjusted cost of goods sold totaied $665,000: and the net operating income was $33,000 Tre companys underapplied or overapplied overhead is closed to Cost o Goods Sold Required: income statement and schedule of cost of goods sod first tollowed by the scheduie of cost of goods manufactureaj Prepare scheduses of cost of goods manufactured and cost of goods soid and an income statement (Hint Prepare the Complete this question by entering your answers in the tabs below Income: COGS COGM Statem Schedule Schedule Prepare an income statement for the year Superior Companyl Income Statement Sales Cost of goods sold Gross margin Selling and admnistrative coos
Complete this question by entering your answers in the tabs below. Income COGS COGM Statem... Schedule Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Income Statement COOM Schedule >
Income COGS COGM Statem.. Schedule Schedule Prepare a schedule of cost of goods manufactured Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials avalable Raw materials used in production 0 factured
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