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Superior Company has the following cost and expense data for the year ending December 31,...

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Accounting

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Superior Company has the following cost and expense data for the year ending December 31, 2017. Raw materials, 1/1/17 $ 30,000 Insurance, factory $ 14,000 Raw materials, 12/31/17 20,000 Property taxes, factory building 6,000 Raw materials purchases 205,000 Sales revenue 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, 1/1/17 80,000 Sales commissions 150,000 Work in process, 12/31/17 50,000 Indirect labor 90,000 Finished goods, 1/1/17 110,000 Factory machinery rent 40,000 Finished goods, 12/31/17 120,000 Factory utilities 65,000 Direct labor 350,000 Depreciation, factory building 24,000 Factory manager's salary 35,000 Administrative expenses 300,000 Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2017. (b) Prepare an income statement for Superior Company for 2017. (e) Assume that Superior Company's accounting records show the balances of the follow- ing current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and Short-Term Investments $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2017

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