Superior Company provided the following data for the year ended December 31 (all raw materials...
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Accounting
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 270,000 Direct labor ? Administrative expenses $ 150,000 Manufacturing overhead applied to work in process $ 364,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 57,000 $ 34,000 Work in process ? $ 33,000 Finished goods $ 33,000 ? The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The companys underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
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