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 $ 218,000 Purchases of raw materials $ 268,000 Direct labor ?question mark Administrative expenses $ 156,000 Manufacturing overhead applied to work in process $ 368,000 Actual manufacturing overhead cost $ 354,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 51,000 $ 37,000 Work in process ?question mark $ 24,000 Finished goods $ 32,000 ?question mark The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $669,000; the net operating income was $33,000. 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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