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Superior Manufacturing Company has the following cost and expenses data for the year ending December 31, 2018 $ $30,000 Raw materials, January 1 Raw materials, December 31 Raw materials purchased Indirect materials Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Direct labour Factory manager's salary Insurance - factory Property taxes - factory building 20,000 205,000 15,000 80,000 50,000 110,000 120,000 350,000 35,000 14,000 6,000 1,500,00 0 100,000 150,000 90,000 40,000 65,000 24,000 300,000 Sales (net) Delivery expenses Sales commissions Indirect labour Factory machinery rent Factory utilities Amortization - factory building Administrative expenses 2 I Instructions a) Prepare a cost of goods manufactured schedule for Superior Manufacturing Company for 2018. b) Prepare an income statement for Superior Manufacturing Company for 2018. c) Assume that Superior Manufacturing Company's ledgers show the following balances in its 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 Manufacturing Company as at December 31, 2018 d) Why do you think that the manufacturing overhead account balances should be closed on December 31, 2018

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