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Superior Company provided the following data for the year ended December 31(all raw materials are...

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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 $ 140,000
Purchases of raw materials $ 290,000
Direct labor ?
Administrative expenses $ 100,000
Manufacturing overhead applied to work in process $ 285,000
Actual manufacturing overhead cost $ 270,000
Inventory balances at the beginning and end of the year were as follows:
Beginning Ending
Raw materials $ 40,000 $ 10,000
Work in process ? $ 35,000
Finished goods $ 50,000?
The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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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