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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 $ 218,000
Purchases of raw materials $ 267,000
Direct labor ?
Administrative expenses $ 156,000
Manufacturing overhead applied to work in process $ 379,000
Actual manufacturing overhead cost $ 360,000

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

Beginning Ending
Raw materials $ 53,000 $ 36,000
Work in process ? $ 29,000
Finished goods $ 32,000 ?

The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $37,000. 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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