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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 $ 219,000
Purchases of raw materials $ 263,000
Direct labor ?
Administrative expenses $ 153,000
Manufacturing overhead applied to work in process $ 370,000
Actual manufacturing overhead cost $ 354,000

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

Beginning Ending
Raw materials $ 50,000 $ 33,000
Work in process ? $ 31,000
Finished goods $ 33,000 ?

The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $35,000. 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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