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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 coat $ 214,000 $ 267,000 2 $ 155,000 $ 374,000 $ 355,000 bok Inventory balances at the beginning and end of the year were as follows: rences Raw materials Work in process Tinished goods Beginning Ending $ 60,000 $13,000 ? $ 20,000 5 32,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $750,000 the unadjusted cost of goods sold totaled $666,000, and the net operating income was $32.000. 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) Complete this question by entering your answers in the tabs below. Print Superior Company Income Statement Sales erences 0 Cost of goods sold (Gross margin Selling and administrative expenses: Administrative expenses 0 Net operating income Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. nces Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Superior Company Schedule of Cost Goods Manufactured 267,000 Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Manufacturing overhead applied to work in process Beginning raw materials inventory Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured

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