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 Inventory balances at the beginning and end of the year were as follows: $ 211,000 $ 265,000 ? $ 159,000 $ 363,000 $ 350,000 Raw materials Work in process Finished goods Beginning $ 58,000 Ending $ 34,000 ? $ 32,000 ? $ 40,000 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 $662,000; and the net operating Income was $30,000. 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 Selling and administrative expenses:
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 Inventory balances at the beginning and end of the year were as follows: $ 211,000 $ 265,000 ? $ 159,000 $ 363,000 $ 350,000 Raw materials Work in process Finished goods Beginning $ 58,000 Ending $ 34,000 ? $ 32,000 ? $ 40,000 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 $662,000; and the net operating Income was $30,000. 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 Selling and administrative expenses:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Transcribed Image Text: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
Inventory balances at the beginning and end of the year were as follows:
$ 211,000
$ 265,000
?
$ 159,000
$ 363,000
$ 350,000
Raw materials
Work in process
Finished goods
Beginning
$ 58,000
Ending
$ 34,000
?
$ 32,000
?
$ 40,000
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 $662,000; and the net operating Income was $30,000. 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
Selling and administrative expenses:
<Income Statement
COGS Schedule >
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