Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials) $210,000 Selling expenses Purchases of raw materials Direct labor $264,000 $159,000 $335,000 Manufacturing overhead applied to work in process $360,000 End of Year S 60,000 S35,000 7 $28,000 Work in process Finished goods 39,000 The total manufacturing costs for the year were $690,000, the cost of goods available for sale totaled 3750,000 the unadjusted cost of goods sold totaled $661,000, and the net operating income was $31,000 The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold (Hint Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required: a. Prepare a schedule of cost of goods manufactured SUPERIOR COMPANY Schedule of Cost Goods Manufactured Direct materials S 60,000 Add Raw materials inventory endin 324.000
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