**Superior Company Financial Data for Year Ending December 31**The following data was provided by Superior Company for the year ending December 31:- **Expenses:** - Selling Expenses: $213,000 - Purchases of Raw Materials: $260,000 - Direct Labor: (to be determined) - Administrative Expenses: $158,000 - Manufacturing Overhead Applied to Work in Process: $370,000 - Actual Manufacturing Overhead Cost: $354,000**Inventory Balances**- **Raw Materials:** - Beginning: $59,000 - Ending: $31,000- **Work in Process:** - Beginning: (to be determined) - Ending: $25,000- **Finished Goods:** - Beginning: $37,000 - Ending: (to be determined)**Additional Information:**- Total manufacturing costs added to production: $670,000- Cost of goods available for sale: $720,000- Unadjusted cost of goods sold: $661,000- Net operating income: $37,000- The company's overhead is adjusted through the Cost of Goods Sold.**Requirement:**Prepare the following:1. Schedules for the cost of goods manufactured.2. Cost of goods sold and an income statement.**Note:**Begin by preparing the income statement and schedule of cost of goods sold, followed by the schedule of cost of goods manufactured.Complete this analysis by entering the required data in the designated sections. **Educational Website Transcription****Instructions:**Prepare schedules of cost of goods manufactured and cost of goods sold, along with an income statement. *(Hint: Begin with the income statement and schedule of cost of goods sold, followed by the schedule of cost of goods manufactured.)***Task:**Complete this question by entering your answers in the tabs below.**Tabs:**1. Income Statement2. COGS (Cost of Goods Sold) Schedule3. COGM (Cost of Goods Manufactured) Schedule**Income Statement Preparation:****Superior Company****Income Statement**- **Sales**: [Enter amount]- **Cost of Goods Sold**: [Enter amount]- **Gross Margin**: 0**Selling and Administrative Expenses:**- **Selling Expenses**: [Enter amount]- **Administrative Expenses**: [Enter amount]- **Net Operating Income**: 0[Navigation Buttons]- < Income Statement- COGS Schedule >

Name: **Superior Company Financial Data for Year Ending December 31**The fo
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Description: **Superior Company Financial Data for Year Ending December 31**The following data was provided by Superior Company for the year ending December 31:- **Expenses:** - Selling Expenses: $213,000 - Purchases of Raw Materials: $260,000 - Direct Labor:

Cost of Goods sold is the total costs incurred for manufacturing the goods sold during a period.…

Business

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 $ 213,000 $ 260,000 Direct labor ? Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 59,000 Ending $ 31,000 $ 25,000 Raw materials Work in process Finished goods $ 37,000 ? The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $720,000 the unadjusted cost overapplied overhead is closed to Cost of Goods Sold. goods sold total $661,000; and the net operating income was $37,000. The company's underapplied or 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.)

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 $ 213,000 $ 260,000 Direct labor ? Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 59,000 Ending $ 31,000 $ 25,000 Raw materials Work in process Finished goods $ 37,000 ? The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $720,000 the unadjusted cost overapplied overhead is closed to Cost of Goods Sold. goods sold total $661,000; and the net operating income was $37,000. The company's underapplied or 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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