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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
Purchases of raw materials
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
$218,000
$264,000
?
$159,000
$361,000
$350,000
Beginning and ending inventory balances were as follows:
The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale $725,000;
the unadjusted cost of goods sold totaled $669,000; and the net operating income was $31,000. 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.)
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