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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

Purchases of raw materials

Direct labor

Administrative expenses

Manufacturing overhead applied to work in process

Actual manufacturing overhead cost

$ 217,000

$

269.000

$

158.000

$ 374.000

$ 359,000

Inventory balances at the beginning and end of the year were as follows:

Beginning

Ending

Raw materials

$ 55,000

$ 37,000

$ 33,000

Work in process

Finished goods

$ 40,000

The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $740.000:

the unadjusted cost of goods sold totaled $662,000; and the net operating income was $37,000. The company's underapplied or

overapplied overhead is closed to Cost of Goods Sold.

Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement 0 ces Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Statement Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Prev 5 of HH HE Next

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