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Cost of Goods Sold? PROBLEM 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $140,000 $290,000 Selling expenses Purchases of raw materias Direct labor Administrative expenses Manufacturing overhead apo Actual manufacturing overhead ca $100,000 $285,000 $270,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods $40,000 Ending $10,000 $35,000 $50,000 The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled 5740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company's 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.) St Finished Goods Bog 50,000 RM Iun. Ber 40.000 & Purchases 290,000 Awal End 10.000 Used in Pood -In Mat Dm Used Inc. Saks COGS C cp Exp. Sell 140,00 Adow 100, - + Coom Avail - Enca TG 220.000 DL thang coas Over applical 285,4 483.000 COCS-Ali MOH Applied T. m Corte 4 Be wit - Enl win Com MOH NOI 30,00 - 35.000 270.00 285,00 - 75,605

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