Chapter 3, Problem 13P

Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
L03-3
Superior Company provided the following data for the et2ded December 31 (all raw materials are in production as direct materials):

The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of gods sold totaled $660,000; and the net operating income was $30,000. The company's under applied or over appliedoverhead 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)