h8 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as directmaterials):Selling expensesPurchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costBeginning and ending inventory balances were as follows:Beginning$ 212,000$ 264,000?$ 150,000$ 375,000$ 356,000SRaw materialsWork in processFinished goodsEnding$ 58,000$ 32,000?$ 28,000$ 37,000?The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $725,000;the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. The company's underapplied oroverapplied 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 incomestatement 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.IncomeStatementCOGSScheduleCOGMSchedulePrepare an income statement for the year.

Cost of goods manufactured is the cost incurred on the making of the goods that are to be…

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: $ 212,000 $ 264,000 ? $ 150,000 $ 375,000 $ 356,000

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: $ 212,000 $ 264,000 ? $ 150,000 $ 375,000 $ 356,000

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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