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

Question

Superior Company provided the following data for the year ended December 31 (all raw materials are...
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 pr
Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sell
Seved Required: Prepare schedules of cost of goods manufactured and cost of goods sold and statement and schedule of cost of
Saved Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement and schedule o
Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 213,000 $ 266,000 2 $ 154,000 $ 367,000 $ 353,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Tinished goods Beginning of Year $ 59,000 2 $ 32,000 End of Year $ 32,000 $ 31,000 2 The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $33,000. 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. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement
Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: COGS
Seved Required: Prepare schedules of cost of goods manufactured and cost of goods sold and statement and schedule of cost of goods sold first followed by the schedule o Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold < Income Statement COGM Schi
Saved Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement and schedule of cost of goods sold first followed by the schedule of cost of go Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured <COGS Schedule Prey 4 of 4

Answers

S S SUPERIOR COMPANY Income Statement Sales Less: adjusted Cost of Goods Sold Gross Margin Selling and administrative Expense$ 74,000 SUPERIOR COMPANY Schedule Cost of goods Manufactured Schedule Work in Process Inventory, Beginning Direct Material :


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